Ghana: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in Ghana

In 2021, the Ghanian metal hot-worked helical spring market increased by 44% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption enjoyed a measured increase. Metal hot-worked helical spring consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Ghana

In 2021, approx. X tons of iron or steel hot-worked helical springs were exported from Ghana; rising by 435% against the previous year's figure. Over the period under review, exports continue to indicate a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, metal hot-worked helical spring exports soared to $X in 2021. In general, exports, however, recorded a noticeable decrease. The pace of growth was the most pronounced in 2015 when exports increased by 456%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for metal hot-worked helical spring exports from Ghana, accounting for a 92% share of total exports. Moreover, metal hot-worked helical spring exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Angola (X kg), more than tenfold. Burkina Faso (X kg) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume to Cote d'Ivoire amounted to +27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+83.6% per year) and Burkina Faso (-19.8% per year).

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for iron or steel hot-worked helical springs exports from Ghana, comprising 73% of total exports. The second position in the ranking was taken by Angola ($X), with a 7.9% share of total exports. It was followed by Nigeria, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire stood at +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+40.2% per year) and Nigeria (-18.6% per year).

Export Prices by Country

In 2021, the average metal hot-worked helical spring export price amounted to $X per ton, falling by -61.7% against the previous year. Over the period under review, the export price saw a abrupt descent. The growth pace was the most rapid in 2015 when the average export price increased by 193% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained 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 Nigeria ($X per ton), while the average price for exports to Cote d'Ivoire ($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 Nigeria (-1.7%), while the prices for the other major destinations experienced a decline.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Ghana

In 2021, overseas purchases of iron or steel hot-worked helical springs increased by 29% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 114%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, metal hot-worked helical spring imports soared to $X in 2021. Overall, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 127%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest metal hot-worked helical spring supplier to Ghana, with a 64% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. The third position in this ranking was held by South Korea (X tons), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +39.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-3.8% per year) and South Korea (-12.5% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel hot-worked helical springs to Ghana, comprising 62% of total imports. The second position in the ranking was taken by Belgium ($X), with a 6.9% share of total imports. It was followed by Turkey, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +44.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-1.8% per year) and Turkey (-8.3% per year).

Import Prices by Country

The average metal hot-worked helical spring import price stood at $X per ton in 2021, with an increase of 32% against the previous year. Overall, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal hot-worked helical spring import price increased by +114.5% against 2015 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 55% against the previous year. Over the period under review, average import prices hit record highs in 2021 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 South Africa ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+30.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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