Ghana: Roller Bearing Market 2024

Roller Bearing Market Size in Ghana

The Ghanian roller bearing market soared to $X in 2022, rising by 60% 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, however, showed a deep contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Roller Bearing Exports

Exports from Ghana

After two years of growth, overseas shipments of roller bearings decreased by -16.8% to X kg in 2022. Over the period under review, exports recorded a sharp slump. The most prominent rate of growth was recorded in 2017 with an increase of 537%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, roller bearing exports dropped to $X in 2022. Overall, exports showed a sharp decline. The growth pace was the most rapid in 2017 when exports increased by 728% against the previous year. The Ghana exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, China (X tons) represented the major exporter of roller bearings, mixing up 43% of total exports. Singapore (X tons) took the second position in the ranking, followed by Germany (X tons), France (X tons), Slovakia (X tons) and the United States (X tons). All these countries together held approx. 30% share of total exports. The following exporters - Italy (X tons), South Korea (X tons), Indonesia (X tons), Hong Kong SAR (X tons), Turkey (X tons), Austria (X tons) and Romania (X tons) - together made up 14% of total exports.

From 2012 to 2022, average annual rates of growth with regard to roller bearing exports from China stood at +22.6%. At the same time, Indonesia (+35.7%), Turkey (+8.5%), Singapore (+1.2%) and Slovakia (+1.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.7% from 2012-2022. By contrast, Italy (-1.9%), Germany (-2.0%), France (-2.2%), South Korea (-9.7%), Hong Kong SAR (-13.7%), the United States (-18.4%), Austria (-22.3%) and Romania (-22.4%) illustrated a downward trend over the same period. China (+37 p.p.) and Indonesia (+2.2 p.p.) significantly strengthened its position in terms of the global exports, while Italy, Germany, France, Romania, Hong Kong SAR, South Korea, the United States and Austria saw its share reduced by -1.5%, -2.6%, -2.7%, -4.9%, -6%, -6.3%, -6.4% and -7.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Singapore ($X) and Germany ($X) constituted the countries with the highest levels of exports in 2022, together comprising 45% of total exports. Italy, the United States, France, Hong Kong SAR, Slovakia, South Korea, Austria, Turkey, Indonesia and Romania lagged somewhat behind, together accounting for a further 31%.

In terms of the main exporting countries, Indonesia, with a CAGR of +16.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Ghana amounted to $X per ton, with an increase of 12% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, roller bearing export price decreased by -17.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the export price increased by 150% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+16.3%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Ghana

Roller bearing imports into Ghana surged to X tons in 2022, picking up by 98% compared with 2021. Overall, imports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2015 with an increase of 180% against the previous year. Ghana imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, roller bearing imports soared to $X in 2022. In general, imports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2015 when imports increased by 219% against the previous year. Ghana imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons) and Indonesia (X tons) represented roughly 32% of total imports in 2022. It was distantly followed by Germany (X tons), mixing up a 6.2% share of total imports. India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), France (X tons), Singapore (X tons), Poland (X tons) and Austria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Thailand (with a CAGR of +18.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest roller bearing importing markets into Ghana were Indonesia ($X), Germany ($X) and India ($X), together comprising 24% of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +4.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Ghana amounted to $X per ton, reducing by -30.4% against the previous year. Overall, the import price continues to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2021 when the import price increased by 71%. As a result, import price attained the peak level of $X per ton, and then declined significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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