Ghana: Sodium Nitrate Market 2023

Sodium Nitrate Market Size in Ghana

The Ghanian sodium nitrate market reached $X in 2022, picking up by 15% 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). Overall, consumption saw prominent growth. Sodium nitrate consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Sodium Nitrate Exports

Exports from Ghana

In 2022, sodium nitrate exports from Ghana skyrocketed to X tons, rising by 258% against 2021. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 3,202%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, sodium nitrate exports surged to $X in 2022. Overall, exports continue to indicate temperate growth. The most prominent rate of growth was recorded in 2019 with an increase of 2,496%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for sodium nitrate exports from Ghana, accounting for a 73% share of total exports. Moreover, sodium nitrate exports to Burkina Faso exceeded the volume sent to the second major destination, Guinea (X tons), fourfold. Mali (X kg) ranked third in terms of total exports with a 3.1% share.

From 2012 to 2022, the average annual growth rate of volume to Burkina Faso stood at +22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guinea (+47.4% per year) and Mali (+10.6% per year).

In value terms, the largest markets for sodium nitrate exported from Ghana were Burkina Faso ($X), Guinea ($X) and Mali ($X), together comprising 91% of total exports.

Guinea, with a CAGR of +25.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sodium nitrate export price stood at $X per ton in 2022, increasing by 13% against the previous year. In general, the export price, however, faced a abrupt shrinkage. The growth pace was the most rapid in 2017 an increase of 25%. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 (-6.9%), while the prices for the other major destinations experienced a decline.

Sodium Nitrate Imports

Imports into Ghana

Sodium nitrate imports into Ghana soared to X tons in 2022, rising by 19% compared with 2021. In general, imports posted significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 299%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sodium nitrate imports soared to $X in 2022. Overall, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2013 when imports increased by 163%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of sodium nitrate to Ghana, with a 46% share of total imports. Moreover, sodium nitrate imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands amounted to +54.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-5.5% per year) and China (+21.2% per year).

In value terms, the largest sodium nitrate suppliers to Ghana were the Netherlands ($X), Belgium ($X) and South Africa ($X), together accounting for 56% of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +41.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sodium nitrate import price stood at $X per ton in 2022, falling by -3% against the previous year. Over the period under review, the import price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 an increase of 15% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+220.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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