Ghana: Copper Wire Market 2024

Copper Wire Market Size in Ghana

The Ghanian copper wire market shrank dramatically to $X in 2021, waning by -19.1% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Copper Wire Production in Ghana

In value terms, copper wire production reduced rapidly to $X in 2021 estimated in export price. Overall, production saw a perceptible reduction. The growth pace was the most rapid in 2020 when the production volume increased by 70%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Copper Wire Exports

Exports from Ghana

In 2021, exports of copper wire from Ghana skyrocketed to X tons, growing by 16% on the previous year's figure. Overall, exports showed a strong expansion. The pace of growth appeared the most rapid in 2020 with an increase of 87%. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, copper wire exports rose modestly to $X in 2021. In general, total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +93.2% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 88% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for copper wire exports from Ghana, accounting for a 76% share of total exports. Moreover, copper wire exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Burkina Faso (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire stood at +11.6%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for copper wire exports from Ghana, comprising 94% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 5.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Cote d'Ivoire stood at +2.5%.

Export Prices by Country

The average copper wire export price stood at $X per ton in 2021, reducing by -11.4% against the previous year. Over the period under review, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by 15%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Burkina Faso stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (-8.1%).

Copper Wire Imports

Imports into Ghana

After four years of growth, overseas purchases of copper wire decreased by -2.7% to X tons in 2021. Over the period under review, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 68%. Imports peaked at X tons in 2020, and then declined in the following year.

In value terms, copper wire imports reduced slightly to $X in 2021. In general, imports, however, continue to indicate strong growth. The growth pace was the most rapid in 2018 with an increase of 43%. Over the period under review, imports attained the maximum at $X in 2020, and then contracted in the following year.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of copper wire to Ghana, with a 25% share of total imports. Moreover, copper wire imports from Belgium exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was held by Lebanon (X tons), with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume from Belgium totaled -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+8.1% per year) and Lebanon (+17.6% per year).

In value terms, Belgium ($X) constituted the largest supplier of copper wire to Ghana, comprising 23% of total imports. The second position in the ranking was held by Spain ($X), with a 7.7% share of total imports. It was followed by Germany, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value from Belgium stood at -4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+7.4% per year) and Germany (+7.9% per year).

Import Prices by Country

In 2021, the average copper wire import price amounted to $X per ton, with an increase of 2.7% against the previous year. Over the period under review, the import price, however, showed a slight downturn. The pace of growth was the most pronounced in 2017 an increase of 17% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform