Ghana: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Ghana

The Ghanian urea and thiourea resins market shrank notably to $X in 2022, declining by -27.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate measured growth. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Ghana

In 2022, the amount of urea resins and thiourea resins in primary forms exported from Ghana declined to X tons, waning by -9.7% compared with the year before. In general, exports showed a slight downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 1,076% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, urea and thiourea resins exports totaled $X in 2022. Over the period under review, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2017 when exports increased by 471%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) was the main destination for urea and thiourea resins exports from Ghana, accounting for a 84% share of total exports. Moreover, urea and thiourea resins exports to Senegal exceeded the volume sent to the second major destination, Mali (X kg), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Senegal totaled +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-14.6% per year) and Burkina Faso (+1.7% per year).

In value terms, Senegal ($X) remains the key foreign market for urea resins and thiourea resins in primary forms exports from Ghana, comprising 82% of total exports. The second position in the ranking was held by Mali ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Senegal totaled -11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-14.8% per year) and Burkina Faso (-28.6% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, picking up by 11% against the previous year. In general, the export price, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2016 an increase of 79%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mali (-0.3%), while the prices for the other major destinations experienced a decline.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Ghana

In 2022, urea and thiourea resins imports into Ghana fell dramatically to X tons, with a decrease of -26.1% against 2021 figures. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 110%. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, urea and thiourea resins imports contracted rapidly to $X in 2022. Over the period under review, imports, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2021 with an increase of 122% against the previous year. As a result, imports attained the peak of $X, and then fell dramatically in the following year.

Imports by Country

Egypt (X tons), Indonesia (X tons) and South Korea (X tons) were the main suppliers of urea and thiourea resins imports to Ghana, together comprising 52% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +29.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Ghana, comprising 43% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by China, with a 3.3% share.

From 2012 to 2022, the average annual growth rate of value from Egypt was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+33.5% per year) and China (+3.5% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, shrinking by -1.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2020 an increase of 30% against the previous year. The import price peaked at $X per ton in 2021, and then declined in the following year.

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 Egypt ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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