Ghana: Electromagnetic Lifting Head Market 2024

Electromagnetic Lifting Head Market Size in Ghana

The Ghanian electromagnetic lifting head market fell significantly to $X in 2022, dropping by -42.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a perceptible slump. Over the period under review, the market hit record highs at $X in 2021, and then shrank notably in the following year.

Electromagnetic Lifting Head Exports

Exports from Ghana

In 2022, the amount of electromagnets and electromagnetic lifting heads exported from Ghana amounted to X kg, stabilizing at 2021 figures. In general, exports enjoyed resilient growth. The pace of growth appeared the most rapid in 2020 with an increase of 272% against the previous year. As a result, the exports reached the peak of X kg. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, electromagnetic lifting head exports surged to $X in 2022. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of 388%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X kg) was the main destination for electromagnetic lifting head exports from Ghana, with a 60% share of total exports. Moreover, electromagnetic lifting head exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Belgium (X kg), fourfold. The third position in this ranking was taken by South Africa (X kg), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+31.1% per year) and South Africa (+14.9% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for electromagnets and electromagnetic lifting heads exports from Ghana, comprising 92% of total exports. The second position in the ranking was held by Belgium ($X), with a 4.6% share of total exports. It was followed by Sweden, with a 1.2% share.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire totaled +16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+24.2% per year) and Sweden (-81.1% per year).

Export Prices by Country

The average electromagnetic lifting head export price stood at $X per ton in 2022, rising by 20% against the previous year. Over the period under review, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electromagnetic lifting head export price increased by +51.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 93%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Angola ($X per ton) 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 (+4.2%), while the prices for the other major destinations experienced a decline.

Electromagnetic Lifting Head Imports

Imports into Ghana

In 2022, after three years of growth, there was significant decline in overseas purchases of electromagnets and electromagnetic lifting heads, when their volume decreased by -55.1% to X tons. Overall, imports showed a mild decrease. The pace of growth was the most pronounced in 2021 with an increase of 156%. As a result, imports attained the peak of X tons, and then fell rapidly in the following year.

In value terms, electromagnetic lifting head imports contracted significantly to $X in 2022. Over the period under review, imports saw a abrupt decline. The pace of growth was the most pronounced in 2017 when imports increased by 83%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), South Africa (X tons) and China (X tons) were the main suppliers of electromagnetic lifting head imports to Ghana, together comprising 92% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +19.4%), while imports for the other leaders experienced a decline.

In value terms, South Africa ($X) constituted the largest supplier of electromagnets and electromagnetic lifting heads to Ghana, comprising 42% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from South Africa amounted to +23.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-5.0% per year) and China (-9.3% per year).

Import Prices by Country

In 2022, the average electromagnetic lifting head import price amounted to $X per ton, rising by 79% against the previous year. In general, the import price, however, recorded a pronounced slump. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+3.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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