Ghana: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in Ghana

After three years of growth, the Ghanian stone polishing machine market decreased by -19.5% to $X in 2022. In general, consumption continues to indicate a pronounced setback. Stone polishing machine consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Stone Polishing Machine Exports

Exports from Ghana

In 2022, approx. X units of grinding or polishing machines for working stone, ceramics and concrete were exported from Ghana; standing approx. at 2021 figures. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 800% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, stone polishing machine exports surged to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 1,644%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units) was the main destination for stone polishing machine exports from Ghana, accounting for a 75% share of total exports. Moreover, stone polishing machine exports to Cote d'Ivoire exceeded the volume sent to the second major destination, South Africa (X units), threefold.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire stood at +11.6%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for grinding or polishing machines for working stone, ceramics and concrete exports from Ghana, comprising 70% of total exports. The second position in the ranking was held by South Africa ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire stood at +24.9%.

Export Prices by Country

In 2022, the average stone polishing machine export price amounted to $X per unit, surging by 19% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 276% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per unit), while the average price for exports to Cote d'Ivoire totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+11.9%), while the prices for the other major destinations experienced a decline.

Stone Polishing Machine Imports

Imports into Ghana

After three years of growth, purchases abroad of grinding or polishing machines for working stone, ceramics and concrete decreased by -20% to X units in 2022. Over the period under review, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2016 when imports increased by 239%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, stone polishing machine imports declined sharply to $X in 2022. In general, imports, however, continue to indicate tangible growth. The pace of growth appeared the most rapid in 2016 when imports increased by 519% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest stone polishing machine supplier to Ghana, accounting for a 32% share of total imports. Moreover, stone polishing machine imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Germany (X units) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+17.5% per year) and Germany (-14.9% per year).

In value terms, China ($X) constituted the largest supplier of grinding or polishing machines for working stone, ceramics and concrete to Ghana, comprising 79% of total imports. The second position in the ranking was taken by the United States ($X), with a 7% share of total imports. It was followed by Germany, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.2% per year) and Germany (-13.4% per year).

Import Prices by Country

In 2022, the average stone polishing machine import price amounted to $X per unit, surging by 4.2% against the previous year. Overall, the import price recorded a prominent expansion. The growth pace was the most rapid in 2016 an increase of 83%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+29.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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