Ghana: Market for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms 2024

Market Size for Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms in Ghana

In 2022, after four years of growth, there was decline in the Ghanian market for polyethylene terephthalate and other polyethylene terephthalate in primary forms, when its value decreased by -3% to $X. Over the period under review, consumption, however, continues to indicate a strong increase. Over the period under review, the market attained the peak level at $X in 2021, and then declined slightly in the following year.

Exports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Exports from Ghana

In 2022, overseas shipments of polyethylene terephthalate and other polyethylene terephthalate in primary forms decreased by -5.9% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2017 when exports increased by 469%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms expanded rapidly to $X in 2022. Overall, exports faced a precipitous shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 243%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) was the main destination for exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from Ghana, accounting for a 88% share of total exports. Moreover, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms to Nigeria exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nigeria amounted to -12.2%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for polyethylene terephthalate and other polyethylene terephthalate in primary forms exports from Ghana, comprising 68% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 32% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire stood at -32.7%.

Export Prices by Country

In 2022, the average export price for polyethylene terephthalate and other polyethylene terephthalate in primary forms amounted to $X per ton, with an increase of 12% against the previous year. Overall, the export price, however, faced a sharp shrinkage. The pace of growth appeared the most rapid in 2013 when the average export price increased by 19% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (-10.6%).

Imports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

Imports into Ghana

In 2022, supplies from abroad of polyethylene terephthalate and other polyethylene terephthalate in primary forms decreased by -8% to X tons for the first time since 2011, thus ending a ten-year rising trend. In general, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 56%. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms expanded sharply to $X in 2022. Over the period under review, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -38.9% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of 55% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of polyethylene terephthalate and other polyethylene terephthalate in primary forms to Ghana, with a 62% share of total imports. Moreover, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+57.9% per year) and Thailand (+27.1% per year).

In value terms, China ($X) constituted the largest supplier of polyethylene terephthalate and other polyethylene terephthalate in primary forms to Ghana, comprising 66% of total imports. The second position in the ranking was taken by India ($X), with a 14% share of total imports. It was followed by Thailand, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+25.5% per year) and Thailand (+7.1% per year).

Import Prices by Country

The average import price for polyethylene terephthalate and other polyethylene terephthalate in primary forms stood at $X per ton in 2022, growing by 15% against the previous year. Overall, the import price, however, recorded a drastic downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (-9.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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