Kenya: Resinoids Market 2024

Resinoids Market Size in Kenya

The Kenyan resinoids market contracted to $X in 2022, dropping by -8.2% against the previous year. Over the period under review, consumption showed a abrupt downturn. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Resinoids Production in Kenya

In value terms, resinoids production reduced to $X in 2022 estimated in export price. In general, production saw a abrupt curtailment. The pace of growth was the most pronounced in 2021 when the production volume increased by 18%. Resinoids production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Resinoids Exports

Exports from Kenya

In 2022, shipments abroad of resinoids decreased by -24.6% to X kg, falling for the fourth consecutive year after four years of growth. In general, exports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 339%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, resinoids exports fell dramatically to $X in 2022. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 456%. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank significantly in the following year.

Exports by Country

France (X kg) was the main destination for resinoids exports from Kenya, accounting for a 68% share of total exports. Moreover, resinoids exports to France exceeded the volume sent to the second major destination, South Africa (X kg), fourfold. The third position in this ranking was held by the United States (X kg), with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France stood at +32.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+25.3% per year) and the United States (-2.8% per year).

In value terms, France ($X) remains the key foreign market for resinoids exports from Kenya, comprising 76% of total exports. The second position in the ranking was taken by South Africa ($X), with a 16% share of total exports. It was followed by the United States, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value to France totaled +35.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+17.2% per year) and the United States (-4.2% per year).

Export Prices by Country

The average resinoids export price stood at $X per ton in 2022, surging by 12% against the previous year. Over the period under review, the export price recorded a temperate increase. The growth pace was the most rapid in 2021 when the average export price increased by 62%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

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 France ($X per ton), while the average price for exports to Uganda ($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 Singapore (+103.3%), while the prices for the other major destinations experienced more modest paces of growth.

Resinoids Imports

Imports into Kenya

In 2022, approx. X kg of resinoids were imported into Kenya; with a decrease of -30.4% against the previous year. Overall, imports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 298%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, resinoids imports contracted significantly to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 734% against the previous year. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

China (X kg), South Africa (X kg) and India (X kg) were the main suppliers of resinoids imports to Kenya, together accounting for 97% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +55.7%), while purchases for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of resinoids to Kenya, comprising 43% of total imports. The second position in the ranking was taken by India ($X), with a 20% share of total imports. It was followed by the UK, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+25.9% per year) and the UK (+67.8% per year).

Import Prices by Country

The average resinoids import price stood at $X per ton in 2022, dropping by -19.6% against the previous year. Over the period under review, the import price, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 an increase of 109% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped dramatically 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 India ($X per ton), while the price for South Africa ($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 (+72.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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