Ghana: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in Ghana

The Ghanian machine-tool for drilling market rose modestly to $X in 2022, surging by 3.6% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Machine-Tool For Drilling Production in Ghana

In value terms, machine-tool for drilling production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.3% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 55%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Machine-Tool For Drilling Exports

Exports from Ghana

In 2022, overseas shipments of machine-tools for drilling, boring or milling metal increased by 29% to X units, rising for the third year in a row after three years of decline. In general, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2020 when exports increased by 484%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, machine-tool for drilling exports shrank notably to $X in 2022. Over the period under review, exports, however, faced a significant contraction. The growth pace was the most rapid in 2013 when exports increased by 546% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for machine-tool for drilling exports from Ghana, accounting for a 98% share of total exports. It was followed by South Africa (X units), with a 0.6% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire stood at +14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (-31.7% per year) and Burkina Faso (-10.4% per year).

In value terms, the largest markets for machine-tool for drilling exported from Ghana were Burkina Faso ($X), Cote d'Ivoire ($X) and Togo ($X), with a combined 28% share of total exports.

Togo, with a CAGR of -11.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average machine-tool for drilling export price stood at $X per unit in 2022, waning by -37.8% against the previous year. Overall, the export price continues to indicate a sharp descent. The most prominent rate of growth was recorded in 2019 when the average export price increased by 2,092%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while the average price for exports to South Africa ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (-16.4%), while the prices for the other major destinations experienced a decline.

Machine-Tool For Drilling Imports

Imports into Ghana

In 2022, purchases abroad of machine-tools for drilling, boring or milling metal increased by 21% to X units, rising for the second consecutive year after two years of decline. Overall, imports, however, saw a pronounced decline. The pace of growth was the most pronounced in 2016 when imports increased by 60%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, machine-tool for drilling imports reduced to $X in 2022. Over the period under review, imports posted a tangible increase. The pace of growth was the most pronounced in 2019 with an increase of 117%. Over the period under review, imports reached the peak figure at $X in 2021, and then declined in the following year.

Imports by Country

India (X units), China (X units) and the United States (X units) were the main suppliers of machine-tool for drilling imports to Ghana, with a combined 63% share of total imports. South Africa, Turkey, Germany, Finland, the Netherlands, Australia, the UK, Italy and Belgium lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Finland (with a CAGR of +54.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of machine-tools for drilling, boring or milling metal to Ghana, comprising 42% of total imports. The second position in the ranking was held by Sierra Leone ($X), with a 12% share of total imports. It was followed by India, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sierra Leone (+23.9% per year) and India (+14.0% per year).

Import Prices by Country

The average machine-tool for drilling import price stood at $X per unit in 2022, which is down by -25.7% against the previous year. Over the period under review, the import price, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 139% against the previous year. The import price peaked at $X per unit in 2021, and then declined rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+19,922.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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