Ghana: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Ghana

The Ghanian grinding and sharpening machine market contracted to $X in 2022, remaining relatively unchanged against the previous year. Over the period under review, consumption, however, showed resilient growth. Grinding and sharpening machine consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Ghana

In value terms, grinding and sharpening machine production fell slightly to $X in 2022 estimated in export price. Overall, production, however, showed prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 85%. Grinding and sharpening machine production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Ghana

In 2022, after two years of decline, there was decline in overseas shipments of grinding and sharpening metal finishing machines, when their volume decreased by 0% to X units. Overall, exports faced a abrupt downturn. The growth pace was the most rapid in 2016 when exports increased by 300% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine exports dropped to $X in 2022. Over the period under review, exports recorded a noticeable setback. The pace of growth appeared the most rapid in 2015 when exports increased by 372%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for grinding and sharpening machine exports from Ghana, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire stood at -19.3%.

In value terms, Burkina Faso ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from Ghana, comprising 67% of total exports. The second position in the ranking was held by Mali ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Burkina Faso stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (+12.1% per year) and Cote d'Ivoire (-19.1% per year).

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, reducing by -6.6% against the previous year. Overall, the export price, however, recorded significant growth. The pace of growth was the most pronounced in 2015 when the average export price increased by 1,316%. Over the period under review, the average export prices attained the maximum at $X per unit in 2021, and then dropped in the following year.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to +221.0% per year.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Ghana

In 2022, approx. X units of grinding and sharpening metal finishing machines were imported into Ghana; waning by -6% compared with 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 108%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, grinding and sharpening machine imports shrank notably to $X in 2022. In general, imports, however, enjoyed pronounced growth. The pace of growth was the most pronounced in 2021 with an increase of 83% against the previous year. As a result, imports reached the peak of $X, and then reduced sharply in the following year.

Imports by Country

In 2022, Germany (X units) constituted the largest grinding and sharpening machine supplier to Ghana, with a 25% share of total imports. Moreover, grinding and sharpening machine imports from Germany exceeded the figures recorded by the second-largest supplier, Turkey (X units), threefold. The third position in this ranking was held by South Korea (X units), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+26.3% per year) and South Korea (+6.4% per year).

In value terms, China ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Ghana, comprising 30% of total imports. The second position in the ranking was taken by Belgium ($X), with a 13% share of total imports. It was followed by Sweden, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+57.8% per year) and Sweden (+5.8% per year).

Import Prices by Country

In 2022, the average grinding and sharpening machine import price amounted to $X per unit, reducing by -17.7% against the previous year. Overall, the import price, however, posted a temperate increase. The growth pace was the most rapid in 2020 when the average import price increased by 165%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+36.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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