Ghana: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Ghana

The Ghanian needle roller bearing market fell notably to $X in 2021, dropping by -48.8% 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). In general, consumption, however, posted a strong expansion. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Needle Roller Bearing Exports

Exports from Ghana

In 2021, shipments abroad of needle roller bearings increased by 700% to X kg, rising for the second year in a row after three years of decline. Over the period under review, exports continue to indicate a mild increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, needle roller bearing exports soared to $X in 2021. In general, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by 240% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X kg) was the main destination for needle roller bearing exports from Ghana, with a 63% share of total exports. Moreover, needle roller bearing exports to Sweden exceeded the volume sent to the second major destination, the Netherlands (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to Sweden stood at -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and Canada (0.0% per year).

In value terms, the Netherlands ($X) remains the key foreign market for needle roller bearing exports from Ghana, comprising 74% of total exports. The second position in the ranking was taken by Sweden ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the Netherlands totaled +32.3%.

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, reducing by -78.7% against the previous year. Overall, the export price faced a deep slump. The most prominent rate of growth was recorded in 2020 when the average export price increased by 298%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Canada ($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 South Africa (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into Ghana

In 2021, imports of needle roller bearings into Ghana shrank dramatically to X tons, dropping by -49.1% on the previous year's figure. In general, imports, however, recorded a notable expansion. The pace of growth was the most pronounced in 2020 when imports increased by 470%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, needle roller bearing imports fell remarkably to $X in 2021. Overall, imports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2013 when imports increased by 947% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest needle roller bearing supplier to Ghana, accounting for a 47% share of total imports. Moreover, needle roller bearing imports from China exceeded the figures recorded by the second-largest supplier, India (X kg), threefold. Germany (X kg) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+42.7% per year) and Germany (+12.6% per year).

In value terms, Germany ($X) constituted the largest supplier of needle roller bearing to Ghana, comprising 58% of total imports. The second position in the ranking was taken by India ($X), with a 13% share of total imports. It was followed by China, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value from Germany totaled +26.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+54.1% per year) and China (+11.8% per year).

Import Prices by Country

In 2021, the average needle roller bearing import price amounted to $X per ton, surging by 1.9% against the previous year. Over the period under review, the import price posted a remarkable increase. The most prominent rate of growth was recorded in 2013 an increase of 222% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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