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Some Market Trends of Wood Products Exports in Ghana and Their Implications for Stakeholders: The Case of Furniture and Kiln-Dried Lumber
International Journal of Business and Economics Research
Volume 4, Issue 6, December 2015, Pages: 307-314
Received: Nov. 3, 2015; Accepted: Nov. 15, 2015; Published: Dec. 30, 2015
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Authors
Peter Kessels Dadzie, Interior Architecture and Furniture Production Department, Faculty of Built and Natural Environment, Kumasi Polytechnic, Kumasi, Ghana
Kojo Agyapong Afrifah, Department of Wood Science and Technology, Faculty of Renewable Natural Resources, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
Paul Benedict Inkum, Interior Architecture and Furniture Production Department, Faculty of Built and Natural Environment, Kumasi Polytechnic, Kumasi, Ghana
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Abstract
Market trends information like price/value fluctuations aid traders and investors to create profits. This study assessed unit values of garden furniture and lumber among wood species, as well as the destination and product type effect on these values. Reports on wood products export were reviewed to obtain data for analyses. Findings were that values/m3 of all wood species were higher when used for garden furniture than when used for lumber production for exports. Among the identified wood species for both garden furniture and lumber production for export, Pericopsis elata (afromosia) had the highest value for both furniture (€3,308.844) and lumber (€869.00) whereas Terminalia ivorensis (emire) had the least furniture value (€1,336.936) while Pycnanthus angolensis (otie) had the least lumber value (€263.10). Sweden and Italy respectively offered the highest (€17,891.80) and lowest (€1134.30) mean garden furniture value, while Sweden and France respectively offered the highest (€557.31) and lowest (€314.97) lumber value. Direction of trade and product type had significant effect (p<0.01) on values of the products and they explained 92.3% of the variations. Generally, both products registered a decreasing trend in volumes exported over the period but lumber value/m3 appreciated whereas furniture value/m3 fell. Conclusions were that the most valued wood species for both lumber and furniture in the export market is afromosia and the best destination for both furniture and kiln-dried lumber export is Sweden. Based on monetary values, it was recommended that garden furniture production for exports should be encouraged than lumber, and furniture export to Sweden could yield higher values/m3.
Keywords
Furniture and Lumber Exports, Wood Products Prices, Ghana’s Exports, Market Trends
To cite this article
Peter Kessels Dadzie, Kojo Agyapong Afrifah, Paul Benedict Inkum, Some Market Trends of Wood Products Exports in Ghana and Their Implications for Stakeholders: The Case of Furniture and Kiln-Dried Lumber, International Journal of Business and Economics Research. Vol. 4, No. 6, 2015, pp. 307-314. doi: 10.11648/j.ijber.20150406.16
Copyright
Copyright © 2015 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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