Ghana: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Ghana

In 2021, the Ghanian market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -24.8% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, enjoyed mild growth. Consumption of peaked at $X in 2020, and then fell remarkably in the following year.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Ghana

In 2021, overseas shipments of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by 9.3% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2019 when exports increased by 287%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) fell rapidly to $X in 2021. Overall, exports saw resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 293% against the previous year. The exports peaked at $X in 2020, and then shrank dramatically in the following year.

Exports by Country

Nigeria (X tons) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Ghana, with a 44% share of total exports. Moreover, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Nigeria exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), twofold. Togo (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to Nigeria amounted to +34.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+7.9% per year) and Togo (+28.7% per year).

In value terms, the largest markets for internal combustion engine (excl. diesel, moto vehicle and aircraft) exported from Ghana were Nigeria ($X), Belgium ($X) and Cote d'Ivoire ($X), together accounting for 71% of total exports.

In terms of the main countries of destination, Belgium, with a CAGR of +51.3%, recorded the highest rates of growth with regard to 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

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2021, waning by -28.9% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 76% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Burkina Faso ($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 Belgium (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Ghana

In 2021, overseas purchases of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -29% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 70% against the previous year. Over the period under review, imports of hit record highs at X tons in 2020, and then fell significantly in the following year.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) dropped sharply to $X in 2021. Over the period under review, imports continue to indicate a mild descent. The pace of growth was the most pronounced in 2014 with an increase of 93%. Over the period under review, imports of reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of internal combustion engine (excl. diesel, moto vehicle and aircraft) to Ghana, accounting for a 54% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+21.2% per year) and the United States (+9.4% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) appeared to be the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to Ghana, with a combined 84% share of total imports. Italy, South Korea, the United Arab Emirates, the UK, Spain, Taiwan (Chinese) and Sweden lagged somewhat behind, together comprising a further 8.5%.

The United Arab Emirates, with a CAGR of +37.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, growing by 10% against the previous year. In general, the import price, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2014 when the average import price increased by 34% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :