Ghana: Self-Propelled Boring Machinery Market 2024

Self-Propelled Boring Machinery Market Size in Ghana

The Ghanian self-propelled boring machinery market soared to $X in 2022, picking up by 15% 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 continues to indicate a prominent increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Self-Propelled Boring Machinery Exports

Exports from Ghana

In 2022, approx. X units of self-propelled boring or sinking machinery were exported from Ghana; shrinking by -12.5% compared with 2021 figures. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 67% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, self-propelled boring machinery exports expanded sharply to $X in 2022. In general, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 1,000% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units), Togo (X units) and South Africa (X units) were the main destinations of self-propelled boring machinery exports from Ghana, with a combined 43% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) remains the key foreign market for self-propelled boring or sinking machinery exports from Ghana, comprising 87% of total exports. The second position in the ranking was held by Mali ($X), with a 4.8% share of total exports. It was followed by Cote d'Ivoire, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Burkina Faso stood at -10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (-21.9% per year) and Cote d'Ivoire (-3.5% per year).

Export Prices by Country

The average self-propelled boring machinery export price stood at $X per unit in 2022, growing by 29% against the previous year. Overall, the export price, however, saw a deep reduction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 588%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+16.8%), while the prices for the other major destinations experienced a decline.

Self-Propelled Boring Machinery Imports

Imports into Ghana

In 2022, approx. X units of self-propelled boring or sinking machinery were imported into Ghana; picking up by 21% compared with 2021. In general, imports posted a prominent increase. The pace of growth appeared the most rapid in 2020 when imports increased by 713%. As a result, imports reached the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, self-propelled boring machinery imports declined to $X in 2022. Over the period under review, imports showed a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 317% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then reduced slightly in the following year.

Imports by Country

In 2022, Finland (X units) constituted the largest supplier of self-propelled boring machinery to Ghana, accounting for a 45% share of total imports. Moreover, self-propelled boring machinery imports from Finland exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. China (X units) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from Finland stood at +32.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.9% per year) and China (+50.6% per year).

In value terms, Finland ($X) constituted the largest supplier of self-propelled boring or sinking machinery to Ghana, comprising 42% of total imports. The second position in the ranking was taken by the United States ($X), with an 11% share of total imports. It was followed by India, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Finland stood at +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.5% per year) and India (+50.0% per year).

Import Prices by Country

The average self-propelled boring machinery import price stood at $X per unit in 2022, waning by -19% against the previous year. Overall, the import price showed a deep setback. The most prominent rate of growth was recorded in 2016 an increase of 153%. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+1,032.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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