Ghana: Flywheels And Pulleys Market 2024

Flywheels And Pulleys Market Size in Ghana

The Ghanian flywheels and pulleys market surged to $X in 2021, increasing by 86% 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). In general, consumption saw resilient growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Flywheels And Pulleys Exports

Exports from Ghana

In 2021, approx. X tons of flywheels and pulleys were exported from Ghana; picking up by 506% against 2020 figures. In general, exports enjoyed a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, flywheels and pulleys exports skyrocketed to $X in 2021. Overall, exports saw strong growth. The most prominent rate of growth was recorded in 2013 with an increase of 356%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Finland (X tons), Burkina Faso (X tons) and Angola (X tons) were the main destinations of flywheels and pulleys exports from Ghana, together comprising 82% of total exports. These countries were followed by South Africa, Cote d'Ivoire, Guyana and Nigeria, which together accounted for a further 15%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of +56.4%), while the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) emerged as the key foreign market for flywheels and pulleys exports from Ghana, comprising 29% of total exports. The second position in the ranking was taken by Finland ($X), with a 14% share of total exports. It was followed by South Africa, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Burkina Faso totaled +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (0.0% per year) and South Africa (+5.8% per year).

Export Prices by Country

In 2021, the average flywheels and pulleys export price amounted to $X per ton, falling by -62.2% against the previous year. Overall, the export price recorded a deep slump. The most prominent rate of growth was recorded in 2014 an increase of 211%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Guyana ($X per ton), while the average price for exports to Angola ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (-0.3%), while the prices for the other major destinations experienced a decline.

Flywheels And Pulleys Imports

Imports into Ghana

For the third year in a row, Ghana recorded growth in supplies from abroad of flywheels and pulleys, which increased by 91% to X tons in 2021. In general, imports enjoyed a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 232% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, flywheels and pulleys imports skyrocketed to $X in 2021. Overall, imports enjoyed a measured increase. The pace of growth was the most pronounced in 2015 when imports increased by 267%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest flywheels and pulleys supplier to Ghana, with a 54% share of total imports. Moreover, flywheels and pulleys imports from China exceeded the figures recorded by the second-largest supplier, Liberia (X tons), threefold. The third position in this ranking was held by India (X tons), with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +42.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Liberia (+100.0% per year) and India (+8.5% per year).

In value terms, China ($X) constituted the largest supplier of flywheels and pulleys to Ghana, comprising 28% of total imports. The second position in the ranking was taken by Belgium ($X), with a 12% share of total imports. It was followed by Liberia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +56.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+2.9% per year) and Liberia (+89.4% per year).

Import Prices by Country

The average flywheels and pulleys import price stood at $X per ton in 2021, falling by -5.7% against the previous year. In general, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2015 when the average import price increased by 107%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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