Ghana: Market for Machine Tools For Working Metal 2024

Market Size for Machine Tools For Working Metal in Ghana

The Ghanian machine-tool for working metal market skyrocketed to $X in 2021, with an increase of 30% 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, consumption continues to indicate a noticeable expansion. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Exports of Machine Tools For Working Metal

Exports from Ghana

Machine-tool for working metal exports from Ghana dropped significantly to X units in 2021, which is down by -80.6% against the previous year. Over the period under review, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2020 with an increase of 227% against the previous year. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, machine-tool for working metal exports fell notably to $X in 2021. Overall, exports saw a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 1,124%. As a result, the exports attained the peak of $X, and then shrank notably in the following year.

Exports by Country

Benin (X units), the United Arab Emirates (X units) and Sierra Leone (X units) were the main destinations of machine-tool for working metal exports from Ghana, together accounting for 79% of total exports. Moreover, machine-tool for working metal exports in Benin exceeded the figures recorded by the second-largest exporter, the United Arab Emirates, twofold.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +20.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) emerged as the key foreign market for machine tools for working metal exports from Ghana, comprising 55% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 14% share of total exports. It was followed by Benin, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK totaled +26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+39.8% per year) and Benin (+68.0% per year).

Export Prices by Country

The average machine-tool for working metal export price stood at $X per unit in 2021, reducing by -7.8% against the previous year. Overall, the export price, however, showed buoyant growth. The pace of growth appeared the most rapid in 2020 an increase of 275%. As a result, the export price attained the peak level of $X per unit, and then declined in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the UK ($X per unit), while the average price for exports to Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine Tools For Working Metal

Imports into Ghana

In 2021, approx. X units of machine tools for working metal were imported into Ghana; with an increase of 16% on 2020 figures. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 291%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, machine-tool for working metal imports soared to $X in 2021. Overall, imports posted resilient growth. The growth pace was the most rapid in 2016 with an increase of 137%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of machine-tool for working metal to Ghana, with a 50% share of total imports. Moreover, machine-tool for working metal imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), sixfold. Cote d'Ivoire (X units) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+24.1% per year) and Cote d'Ivoire (+19.0% per year).

In value terms, China ($X) constituted the largest supplier of machine tools for working metal to Ghana, comprising 41% of total imports. The second position in the ranking was held by Turkey ($X), with a 15% share of total imports. It was followed by Italy, with a 7.8% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+49.7% per year) and Italy (-1.0% per year).

Import Prices by Country

The average machine-tool for working metal import price stood at $X per unit in 2021, growing by 20% against the previous year. In general, the import price continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2019 an increase of 53%. Over the period under review, average import prices hit record highs in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per unit), while the price for Jordan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+38.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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