Ghana: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in Ghana

After two years of decline, the Ghanian machine-tool for working wood market increased by 209% to $X in 2021. Overall, consumption recorded strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Machine-Tools For Working Wood

Exports from Ghana

In 2021, overseas shipments of machine-tools for working wood increased by 1,309% to X tons, rising for the third consecutive year after three years of decline. In general, exports saw a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, machine-tool for working wood exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt setback. The pace of growth appeared the most rapid in 2019 when exports increased by 486% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) was the main destination for machine-tool for working wood exports from Ghana, accounting for a 99% share of total exports. It was followed by Germany (X kg), with a 0.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Senegal amounted to +811.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-28.0% per year) and Italy (-30.9% per year).

In value terms, Senegal ($X) emerged as the key foreign market for machine-tools for working wood exports from Ghana, comprising 94% of total exports. The second position in the ranking was taken by Germany ($X), with a 4.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Senegal amounted to +676.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-27.8% per year) and Italy (-46.2% per year).

Export Prices by Country

In 2021, the average machine-tool for working wood export price amounted to $X per ton, waning by -83.9% against the previous year. In general, the export price continues to indicate a sharp contraction. The pace of growth was the most pronounced in 2018 an increase of 77%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Senegal ($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 (+124.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machine-Tools For Working Wood

Imports into Ghana

In 2021, supplies from abroad of machine-tools for working wood was finally on the rise to reach X tons after two years of decline. In general, imports recorded a prominent increase. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, machine-tool for working wood imports soared to $X in 2021. Overall, imports posted a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of machine-tool for working wood to Ghana, accounting for a 53% share of total imports. Moreover, machine-tool for working wood imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), ninefold. The third position in this ranking was held by Poland (X tons), with a 4.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-8.8% per year) and Poland (+16.8% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for working wood to Ghana, comprising 35% of total imports. The second position in the ranking was taken by Australia ($X), with a 16% share of total imports. It was followed by Poland, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+48.6% per year) and Poland (+19.4% per year).

Import Prices by Country

The average machine-tool for working wood import price stood at $X per ton in 2021, declining by -19.7% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, machine-tool for working wood import price increased by +62.9% against 2018 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 60%. As a result, import price attained the peak level of $X per ton, and then dropped significantly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+19.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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