Ghana: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Ghana

The Ghanian market for sunflower-seed or safflower oil, refined, but not chemically modified fell to $X in 2021, with a decrease of -5% against the previous year. In general, consumption, however, showed a tangible increase. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Ghana

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified expanded slightly to $X in 2021 estimated in export price. In general, production showed a moderate expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 63%. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Ghana

In 2021, shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -96.2% to X tons, falling for the second consecutive year after three years of growth. In general, exports saw a drastic downturn. The pace of growth was the most pronounced in 2017 when exports increased by 1,993%. Over the period under review, the exports of reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified contracted dramatically to $X in 2021. Overall, exports showed a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 2,760% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Portugal (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Ghana, accounting for a 74% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to Portugal exceeded the volume sent to the second major destination, Burkina Faso (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to Portugal totaled -12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (-0.6% per year) and the United Arab Emirates (0.0% per year).

In value terms, Portugal ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from Ghana, comprising 84% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 9.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Portugal stood at -14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (+1.7% per year) and the United Arab Emirates (0.0% per year).

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, falling by -24.4% against the previous year. Over the period under review, the export price recorded a pronounced slump. The most prominent rate of growth was recorded in 2017 when the average export price increased by 37% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+79.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Ghana

In 2021, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -47.2% to X tons for the first time since 2015, thus ending a five-year rising trend. Overall, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2020 when imports increased by 229% against the previous year. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified fell sharply to $X in 2021. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 236% against the previous year. As a result, imports attained the peak of $X, and then dropped sharply in the following year.

Imports by Country

Ukraine (X tons), Turkey (X tons) and Portugal (X tons) were the main suppliers of imports of sunflower-seed or safflower oil, refined, but not chemically modified to Ghana, together accounting for 83% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +74.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Turkey ($X) and Portugal ($X) were the largest sunflower-seed or safflower oil, refined, but not chemically modified suppliers to Ghana, with a combined 85% share of total imports.

Ukraine, with a CAGR of +76.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, growing by 58% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the Netherlands ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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