Ghana: Metal Self-Locking Nut Market 2024

Metal Self-Locking Nut Market Size in Ghana

The Ghanian metal self-locking nut market shrank to $X in 2021, with a decrease of -13.4% 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). Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -18.4% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Metal Self-Locking Nut Exports

Exports from Ghana

In 2021, shipments abroad of iron or steel nuts (including self-locking nuts) increased by 22% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, continue to indicate a dramatic descent. The growth pace was the most rapid in 2020 with an increase of 581%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, metal self-locking nut exports expanded significantly to $X in 2021. Over the period under review, exports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when exports increased by 723%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Mali (X tons) was the main destination for metal self-locking nut exports from Ghana, accounting for a 71% share of total exports. Moreover, metal self-locking nut exports to Mali exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), sixfold. The third position in this ranking was held by Nigeria (X kg), with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mali stood at -21.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-8.2% per year) and Nigeria (-38.0% per year).

In value terms, Sweden ($X) remains the key foreign market for iron or steel nuts (including self-locking nuts) exports from Ghana, comprising 37% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total exports. It was followed by Nigeria, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sweden totaled +49.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+25.0% per year) and Nigeria (-29.7% per year).

Export Prices by Country

The average metal self-locking nut export price stood at $X per ton in 2021, waning by -6.3% against the previous year. In general, the export price, however, saw a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of 711%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Mali ($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 Cote d'Ivoire (+36.2%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Self-Locking Nut Imports

Imports into Ghana

After two years of growth, supplies from abroad of iron or steel nuts (including self-locking nuts) decreased by -29.9% to X tons in 2021. In general, imports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 69%. Over the period under review, imports hit record highs at X tons in 2020, and then contracted significantly in the following year.

In value terms, metal self-locking nut imports rose significantly to $X in 2021. Overall, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -16.8% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 55%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest metal self-locking nut supplier to Ghana, with a 61% share of total imports. Moreover, metal self-locking nut imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. The UK (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+14.7% per year) and the UK (+7.4% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel nuts (including self-locking nuts) to Ghana, comprising 46% of total imports. The second position in the ranking was held by Belgium ($X), with a 16% share of total imports. It was followed by the UK, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +35.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-3.3% per year) and the UK (-4.0% per year).

Import Prices by Country

The average metal self-locking nut import price stood at $X per ton in 2021, picking up by 52% against the previous year. Overall, the import price, however, recorded a abrupt decrease. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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