Ghana: Cotton Bag Market 2024

Cotton Bag Market Size in Ghana

The Ghanian cotton bag market shrank to $X in 2021, dropping by -6.1% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +11.8% against 2019 indices. Cotton bag consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Cotton Bag Production in Ghana

In value terms, cotton bag production shrank to $X in 2021 estimated in export price. Overall, the total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +9.6% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 38%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Cotton Bag Exports

Exports from Ghana

In 2021, exports of sacks and bags of cotton from Ghana declined to X tons, with a decrease of -12.8% on 2020. Over the period under review, exports, however, posted a measured expansion. The pace of growth was the most pronounced in 2015 when exports increased by 665%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, cotton bag exports contracted to $X in 2021. In general, exports, however, continue to indicate a modest expansion. The pace of growth was the most pronounced in 2015 when exports increased by 434% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Niger (X kg) and Cote d'Ivoire (X kg) were the main destinations of cotton bag exports from Ghana.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of +45.2%).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for sacks and bags of cotton exports from Ghana, comprising 83% of total exports. The second position in the ranking was taken by Niger ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire totaled +59.4%.

Export Prices by Country

In 2021, the average cotton bag export price amounted to $X per ton, approximately reflecting the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 74% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, 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 Niger stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+9.7%), while the prices for the other major destinations experienced mixed trend patterns.

Cotton Bag Imports

Imports into Ghana

In 2021, overseas purchases of sacks and bags of cotton increased by 48% to X tons, rising for the second consecutive year after three years of decline. Overall, imports recorded a perceptible expansion. The most prominent rate of growth was recorded in 2020 with an increase of 383%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, cotton bag imports soared to $X in 2021. Over the period under review, imports saw strong growth. The pace of growth was the most pronounced in 2020 when imports increased by 1,421%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Canada (X tons) and South Africa (X tons) were the main suppliers of cotton bag imports to Ghana, together accounting for 70% of total imports.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +90.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) constituted the largest supplier of sacks and bags of cotton to Ghana, comprising 49% of total imports. The second position in the ranking was held by the UK ($X), with a 21% share of total imports. It was followed by South Africa, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada totaled +76.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+53.7% per year) and South Africa (+81.4% per year).

Import Prices by Country

The average cotton bag import price stood at $X per ton in 2021, rising by 30% against the previous year. Over the period under review, the import price saw a prominent expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 215%. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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