Ghana’s timber and wood products sector generated €60,583,834.31 from the export of 133,125.827 cubic meters of wood in the first half of 2024, according to data from the Forestry Commission.
However, this represents a 14.11% decrease in value and a 14.35% drop in volume compared to the €70,534,416.61 earned from 155,421.875 cubic meters exported over the same period in 2023.
The data for June 2024 shows further declines in both value and volume. A total of €9,147,205.79 was secured from the export of 21,126.359 cubic meters of timber, reflecting a 24.40% reduction in value and an 18.31% decrease in volume compared to June 2023, when €12,100,016.00 was earned from 25,862.898 cubic meters.
Out of the 74 exporters recorded in June 2024, the top five companies — Peacrok Company Limited, 3RDI Shipping Agency Limited, Samartex Timber and Plywood Company Limited, John Bitar and Company Limited, and Golden Logs Exporters Limited — contributed significantly to the sector. These companies exported 11 different wood products, representing 43 different species, to 33 countries, catering to 94 buyers.
The leading wood products exported during this period included Lumber (Air Dried), Lumber (Kiln Dried), Billet, Plywood (Overland), and Rotary Veneer. The top five harvested species by volume were Teak, Wawa, Ceiba, Denya, and Niangon.
India, Vietnam, Niger, Belgium, and the United States emerged as the top destinations for Ghana’s timber exports, while the top buyers were Thai Phat International Company Limited, Shree Sagar General Trading FZE, Shanghai Timber Furnishing Company Limited, ETS Salou Hassane, and Pan Asia Intercontinental PTE Limited.
Export Categories Overview
Primary wood products such as Billet, Boules (Air Dried), and Teak Logs accounted for €34,347,461.66 (56.69%) from 87,035.163 cubic meters (65.38%) of total exports in the first half of 2024. This marked a 14.90% drop in volume and a 13.18% decline in value compared to the same period in 2023.
Secondary wood products, including Lumber (Kiln Dried), Plywood, and Veneers, generated €23,312,272.53 (38.48%) from 42,999.446 cubic meters (32.30%) of exports. These figures also reflect a decrease of 11.57% in volume and a 13.64% decline in value compared to the previous year.
Tertiary wood products, such as Processed L/Mouldings, contributed €2,924,100.11 (4.83%) from 3,091.218 cubic meters (2.32%) to total wood exports, showing a sharp decline of 31.56% in volume and 26.49% in value compared to 2023 figures.
Destination Markets
Asia and the Far East continued to be the leading markets for Ghana’s timber, with exports to the region bringing in €33,126,566.11 (54.68%) from 85,070.301 cubic meters (63.90%) in the first half of 2024. This marks a 12.28% decline in value and a 12.79% decrease in volume compared to 2023.
Europe was the second-largest market, contributing €13,084,226.34 (21.60%) from 20,961.021 cubic meters (15.75%), reflecting a 20.71% drop in value and a 17.56% decrease in volume year-on-year. The African market followed, generating €5,415,246.66 (8.94%) from 13,175.392 cubic meters (9.90%), a significant 25.76% fall in value and a 26.75% decline in volume compared to 2023.
The United States market saw positive growth, recording €5,589,609.13 (9.23%) from 7,168.660 cubic meters (5.38%), showing an increase of 9.72% in value and 10.19% in volume compared to the previous year. The Middle East market accounted for €3,342,407.14 (5.52%) from 6,712.262 cubic meters (5.04%), marking a 12.79% drop in value and a 15.22% decline in volume.