Ghana: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Ghana

The Ghanian iron or steel leaf-spring market shrank to $X in 2022, which is down by -8% against the previous year. Overall, consumption showed a slight decrease. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in Ghana

In value terms, iron or steel leaf-spring production reduced to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable decrease. The pace of growth appeared the most rapid in 2014 when the production volume increased by 60% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Ghana

In 2022, iron or steel leaf-spring exports from Ghana declined markedly to X tons, which is down by -95.7% compared with the previous year. Overall, exports continue to indicate a sharp shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 2,242% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, iron or steel leaf-spring exports declined dramatically to $X in 2022. In general, exports faced a dramatic slump. The most prominent rate of growth was recorded in 2021 when exports increased by 751% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for iron or steel leaf-spring exports from Ghana, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +19.2%.

In value terms, China ($X) emerged as the key foreign market for iron or steel leaf-springs and leaves exports from Ghana.

From 2012 to 2022, the average annual growth rate of value to China totaled +25.5%.

Export Prices by Country

The average iron or steel leaf-spring export price stood at $X per ton in 2022, surging by 1,202% against the previous year. Overall, the export price saw a buoyant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for Mali amounted to +15.7% per year.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Ghana

In 2022, after six years of growth, there was significant decline in purchases abroad of iron or steel leaf-springs and leaves, when their volume decreased by -8.2% to X tons. Over the period under review, imports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 87% against the previous year. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, iron or steel leaf-spring imports fell to $X in 2022. In general, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 166% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of iron or steel leaf-spring to Ghana, accounting for a 91% share of total imports. It was followed by India (X tons), with a 2.9% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+16.7% per year) and Spain (-31.7% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Ghana, comprising 89% of total imports. The second position in the ranking was held by India ($X), with a 3.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+16.7% per year) and Spain (-34.9% per year).

Import Prices by Country

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, rising by 3.9% against the previous year. In general, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel leaf-spring import price decreased by -6.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of 75% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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