Ghana: Market for Machines For Preparing, Weaving And Knitting Textiles 2024

Market Size for Machines For Preparing, Weaving And Knitting Textiles in Ghana

The Ghanian market for machines for preparing, weaving and knitting textiles fell to $X in 2021, declining by -9% 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). Over the period under review, consumption, however, posted buoyant growth. Textile weaving and knitting machinery consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Exports of Machines For Preparing, Weaving And Knitting Textiles

Exports from Ghana

For the sixth consecutive year, Ghana recorded decline in shipments abroad of machines for preparing, weaving and knitting textiles, which decreased by -66.7% to X units in 2021. Over the period under review, exports recorded a sharp contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 132%. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, textile weaving and knitting machinery exports dropped rapidly to $X in 2021. In general, exports faced a significant decline. The most prominent rate of growth was recorded in 2015 when exports increased by 90%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units) and Burkina Faso (X units) were the main destinations of textile weaving and knitting machinery exports from Ghana.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of -34.6%).

In value terms, Cote d'Ivoire ($X) emerged as the key foreign market for machines for preparing, weaving and knitting textiles exports from Ghana, comprising 63% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to -31.9%.

Export Prices by Country

The average export price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, reducing by -13.3% against the previous year. Over the period under review, the export price, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2014 an increase of 644%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

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 Cote d'Ivoire ($X per unit), while the average price for exports to Burkina Faso totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Gambia (+2,265.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Preparing, Weaving And Knitting Textiles

Imports into Ghana

Textile weaving and knitting machinery imports into Ghana contracted modestly to X units in 2021, with a decrease of -3.9% against 2020 figures. Over the period under review, imports, however, recorded moderate growth. The pace of growth appeared the most rapid in 2020 with an increase of 112% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, textile weaving and knitting machinery imports reduced to $X in 2021. In general, imports, however, posted a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of 146%. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest textile weaving and knitting machinery supplier to Ghana, accounting for a 57% share of total imports. Moreover, textile weaving and knitting machinery imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 2.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+43.8% per year) and Taiwan (Chinese) (+7.1% per year).

In value terms, China ($X) constituted the largest supplier of machines for preparing, weaving and knitting textiles to Ghana, comprising 57% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total imports. It was followed by Spain, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+45.1% per year) and Spain (+54.9% per year).

Import Prices by Country

The average import price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, which is down by -7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.3%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 37%. The import price peaked at $X per unit in 2020, and then declined 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 Spain ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+23.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :