Ghana: Silk Fabric Market 2024

Silk Fabric Market Size in Ghana

The Ghanian silk fabric market dropped modestly to $X in 2022, waning by X% against the previous year. Over the period under review, consumption, however, saw a strong expansion. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Silk Fabric Production in Ghana

In value terms, silk fabric production declined modestly to $X in 2022 estimated in export price. In general, production, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

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Silk Fabric Exports

Exports from Ghana

In 2022, after three years of decline, there was significant growth in overseas shipments of woven fabrics of silk or of silk waste, when their volume increased by X% to X square meters. Over the period under review, exports saw a notable expansion. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports reached the peak figure at X square meters in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, silk fabric exports declined sharply to $X in 2022. In general, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Burkina Faso (X square meters) was the main destination for silk fabric exports from Ghana, accounting for a X% share of total exports. Moreover, silk fabric exports to Burkina Faso exceeded the volume sent to the second major destination, the United States (X square meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Burkina Faso stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and the UK (X% per year).

In value terms, the UK ($X), Burkina Faso ($X) and the United States ($X) were the largest markets for silk fabric exported from Ghana worldwide, together accounting for X% of total exports.

Burkina Faso, with a CAGR of X%, saw 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 mixed trend patterns.

Export Prices by Country

The average silk fabric export price stood at $X per square meter in 2022, reducing by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of X%. The export price peaked at $X per square meter in 2021, and then dropped significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per square meter), while the average price for exports to Burkina Faso ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (X%), while the prices for the other major destinations experienced more modest paces of growth.

Silk Fabric Imports

Imports into Ghana

In 2022, the amount of woven fabrics of silk or of silk waste imported into Ghana reduced remarkably to X square meters, declining by X% on the previous year's figure. In general, imports showed a dramatic contraction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at X square meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, silk fabric imports dropped sharply to $X in 2022. Overall, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X square meters) constituted the largest silk fabric supplier to Ghana, accounting for a X% share of total imports. Moreover, silk fabric imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X square meters), fivefold. The third position in this ranking was taken by Canada (X square meters), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Canada (X% per year).

In value terms, the largest silk fabric suppliers to Ghana were South Korea ($X), the United States ($X) and China ($X), together comprising X% of total imports.

South Korea, with a CAGR of X%, saw 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

The average silk fabric import price stood at $X per square meter in 2022, rising by X% against the previous year. Over the period under review, the import price showed a significant expansion. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per square meter in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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 Korea ($X per square meter), while the price for Canada ($X per square meter) was amongst the lowest.

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

Source: IndexBox Platform

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