Ghana: Measuring Instrument Market 2022

Measuring Instrument Market Size in Ghana

The Ghanian measuring instrument market expanded markedly to $X in 2021, with an increase of 5.6% 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). In general, consumption continues to indicate a abrupt decrease. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Measuring Instrument Exports

Exports from Ghana

In 2021, overseas shipments of instruments and apparatus for measuring or checking the flow or level of liquids increased by 4.5% to X units, rising for the fourth consecutive year after two years of decline. Overall, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 799%. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, measuring instrument exports contracted to $X in 2021. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 496%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X units), the United States (X units) and Nigeria (X units) were the main destinations of measuring instrument exports from Ghana, together comprising 91% of total exports. These countries were followed by Germany and Norway, which together accounted for a further 4.9%.

From 2012 to 2021, the biggest increases were in Germany (with a CAGR of +19.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), the United States ($X) and Germany ($X) appeared to be the largest markets for measuring instrument exported from Ghana worldwide, together comprising 64% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +161.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average measuring instrument export price amounted to $X per unit, reducing by -9.6% against the previous year. In general, the export price, however, saw buoyant growth. The pace of growth appeared the most rapid in 2016 when the average export price increased by 337% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Norway ($X per unit), while the average price for exports to Cote d'Ivoire ($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 Germany (+24.1%), while the prices for the other major destinations experienced more modest paces of growth.

Measuring Instrument Imports

Imports into Ghana

In 2021, imports of instruments and apparatus for measuring or checking the flow or level of liquids into Ghana shrank remarkably to X units, reducing by -16.3% compared with the year before. Over the period under review, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2015 when imports increased by 128%. Imports peaked at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, measuring instrument imports expanded markedly to $X in 2021. Overall, imports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2015 with an increase of 173%. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of measuring instrument to Ghana, accounting for a 41% share of total imports. Moreover, measuring instrument imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Austria (X units) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.3% per year) and Austria (+78.3% per year).

In value terms, Turkey ($X), Germany ($X) and the United States ($X) constituted the largest measuring instrument suppliers to Ghana, with a combined 45% share of total imports.

Turkey, with a CAGR of +87.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average measuring instrument import price stood at $X per unit in 2021, jumping by 37% against the previous year. In general, the import price recorded a temperate increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 43%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Turkey ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+26.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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