Ghana: Direction Finding Compass Market 2024

Direction Finding Compass Market Size in Ghana

The Ghanian direction finding compass market contracted remarkably to $X in 2021, waning by -96.9% against the previous year. Over the period under review, consumption saw a precipitous decrease. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Direction Finding Compass Production in Ghana

In value terms, direction finding compass production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 16% against the previous year. As a result, production reached the peak level of $X, and then shrank in the following year.

Direction Finding Compass Exports

Exports from Ghana

In 2021, overseas shipments of direction finding compasses were finally on the rise to reach X units for the first time since 2015, thus ending a five-year declining trend. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 2,148%. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, direction finding compass exports soared to $X in 2021. Overall, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of 1,117%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

South Africa (X units) was the main destination for direction finding compass exports from Ghana, accounting for a 89% share of total exports. Moreover, direction finding compass exports to South Africa exceeded the volume sent to the second major destination, Tanzania (X units), more than tenfold. The third position in this ranking was taken by Belgium (X units), with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Africa stood at +78.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tanzania (-49.7% per year) and Belgium (-1.5% per year).

In value terms, Tanzania ($X) emerged as the key foreign market for direction finding compasses exports from Ghana, comprising 69% of total exports. The second position in the ranking was taken by Belgium ($X), with a 14% share of total exports. It was followed by Australia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Tanzania totaled +156.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+39.1% per year) and Australia (+16.8% per year).

Export Prices by Country

In 2021, the average direction finding compass export price amounted to $X per unit, shrinking by -3% against the previous year. Over the period under review, the export price, however, showed a tangible expansion. The growth pace was the most rapid in 2020 an increase of 39% against the previous year. As a result, the export price reached the peak level of $X per unit, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Tanzania ($X per unit), while the average price for exports to Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+2,070.6%), while the prices for the other major destinations experienced more modest paces of growth.

Direction Finding Compass Imports

Imports into Ghana

In 2021, after three years of decline, there was significant growth in overseas purchases of direction finding compasses, when their volume increased by 61% to X units. Overall, imports, however, showed a sharp downturn. The pace of growth appeared the most rapid in 2013 when imports increased by 837% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, direction finding compass imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2013 when imports increased by 1,197%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of direction finding compass to Ghana, accounting for a 46% share of total imports. Moreover, direction finding compass imports from China exceeded the figures recorded by the second-largest supplier, Israel (X units), fourfold. Italy (X units) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Israel (-11.5% per year) and Italy (0.0% per year).

In value terms, Belgium ($X) constituted the largest supplier of direction finding compasses to Ghana, comprising 15% of total imports. The second position in the ranking was taken by the United States ($X), with a 6.3% share of total imports. It was followed by China, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value from Belgium amounted to +26.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+31.0% per year) and China (-22.7% per year).

Import Prices by Country

The average direction finding compass import price stood at $X per unit in 2021, declining by -15.6% against the previous year. In general, the import price, however, continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2019 an increase of 235%. Over the period under review, average import prices reached the peak figure at $X per unit in 2020, and then declined remarkably in the following year.

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 Belgium ($X per unit), while the price for Israel ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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