Ghana: Silk Fabric Market 2022

Silk Fabric Market Size in Ghana

The Ghanian silk fabric market declined remarkably to $X in 2021, waning by -19.1% 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 saw a abrupt slump. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Silk Fabric Exports

Exports from Ghana

In 2021, approx. X square meters of woven fabrics of silk or of silk waste were exported from Ghana; picking up by 9.7% against the previous year's figure. Overall, exports enjoyed resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 155% against the previous year. Over the period under review, the exports attained the maximum at X square meters in 2019; afterwards, it flattened through to 2021.

In value terms, silk fabric exports skyrocketed to $X in 2021. Over the period under review, exports showed a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 126% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X square meters), South Africa (X square meters) and Sweden (X square meters) were the main destinations of silk fabric exports from Ghana, with a combined 91% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +24.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for silk fabric exports from Ghana, comprising 40% of total exports. The second position in the ranking was held by Sweden ($X), with an 18% share of total exports. It was followed by South Africa, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+26.5% per year) and South Africa (+10.1% per year).

Export Prices by Country

The average silk fabric export price stood at $X per square meter in 2021, jumping by 75% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per square meter in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Botswana ($X per square meter), while the average price for exports to the United Arab Emirates ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mali (+82.5%), while the prices for the other major destinations experienced more modest paces of growth.

Silk Fabric Imports

Imports into Ghana

In 2021, the amount of woven fabrics of silk or of silk waste imported into Ghana fell to X square meters, which is down by -11.9% compared with 2020. In general, imports recorded a deep slump. The growth pace was the most rapid in 2020 when imports increased by 118% against the previous year. Imports peaked at X square meters in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, silk fabric imports reduced notably to $X in 2021. Overall, imports continue to indicate a drastic downturn. The growth pace was the most rapid in 2020 when imports increased by 75% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X square meters) constituted the largest supplier of silk fabric to Ghana, with a 81% share of total imports. Moreover, silk fabric imports from China exceeded the figures recorded by the second-largest supplier, South Africa (X square meters), ninefold. The third position in this ranking was held by Pakistan (X square meters), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +26.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+47.7% per year) and Pakistan (0.0% per year).

In value terms, the largest silk fabric suppliers to Ghana were South Africa ($X), China ($X) and Pakistan ($X), together accounting for 88% of total imports.

Pakistan, with a CAGR of +69.3%, recorded the highest rates of growth with regard to 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 silk fabric import price amounted to $X per square meter, falling by -10.8% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 44%. As a result, import price reached the peak level of $X per square meter. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was India ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+11.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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