Ghana: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in Ghana

The Ghanian synthetic latex rubber market fell to $X in 2021, with a decrease of -9.4% against the previous year. Over the period under review, consumption showed a pronounced descent. Synthetic latex rubber consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Synthetic Latex Rubber Production in Ghana

In value terms, synthetic latex rubber production shrank to $X in 2021 estimated in export price. Over the period under review, production saw a perceptible descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Synthetic Latex Rubber Exports

Exports from Ghana

In 2021, overseas shipments of synthetic latex rubber increased by 5% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports showed a pronounced increase. The growth pace was the most rapid in 2015 when exports increased by 145%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, synthetic latex rubber exports expanded notably to $X in 2021. Overall, total exports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -3.6% against 2015 indices. The most prominent rate of growth was recorded in 2015 with an increase of 120%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons) was the main destination for synthetic latex rubber exports from Ghana, with a 84% share of total exports. Moreover, synthetic latex rubber exports to Burkina Faso exceeded the volume sent to the second major destination, Angola (X tons), sixfold. Benin (X tons) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume to Burkina Faso totaled +25.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+4.5% per year) and Benin (-19.3% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for synthetic latex rubber exports from Ghana, comprising 83% of total exports. The second position in the ranking was held by Angola ($X), with a 13% share of total exports. It was followed by Benin, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Burkina Faso totaled +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+0.9% per year) and Benin (-19.7% per year).

Export Prices by Country

In 2021, the average synthetic latex rubber export price amounted to $X per ton, picking up by 1.9% against the previous year. In general, the export price, however, showed a perceptible downturn. The most prominent rate of growth was recorded in 2020 an increase of 37% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Burkina Faso ($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 (+2.0%), while the prices for the other major destinations experienced mixed trend patterns.

Synthetic Latex Rubber Imports

Imports into Ghana

In 2021, approx. X tons of synthetic latex rubber were imported into Ghana; declining by -15.7% compared with the previous year. Over the period under review, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 382% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic latex rubber imports declined markedly to $X in 2021. In general, imports showed a abrupt setback. The pace of growth appeared the most rapid in 2020 with an increase of 417%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X tons) constituted the largest synthetic latex rubber supplier to Ghana, with a 29% share of total imports. Moreover, synthetic latex rubber imports from Germany exceeded the figures recorded by the second-largest supplier, Belgium (X tons), twofold. India (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+42.0% per year) and India (+25.0% per year).

In value terms, Germany ($X), India ($X) and France ($X) appeared to be the largest synthetic latex rubber suppliers to Ghana, together comprising 55% of total imports.

India, with a CAGR of +28.7%, saw the highest growth rate of 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 synthetic latex rubber import price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 82% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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