Ghana: Silencer Market 2024

Silencer Market Size in Ghana

The Ghanian silencer market soared to $X in 2021, surging by 22% 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, saw a abrupt contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Silencer Exports

Exports from Ghana

After two years of decline, overseas shipments of silencers and exhaust pipes increased by 709% to X tons in 2021. Overall, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2017 with an increase of 2,036% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, silencer exports soared to $X in 2021. In general, exports saw a notable increase. The growth pace was the most rapid in 2017 when exports increased by 2,301%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Togo (X tons) was the main destination for silencer exports from Ghana, with a 82% share of total exports. Moreover, silencer exports to Togo exceeded the volume sent to the second major destination, Belgium (X kg), more than tenfold. The third position in this ranking was taken by Nigeria (X kg), with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume to Togo was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+86.3% per year) and Nigeria (+4.8% per year).

In value terms, Togo ($X), Belgium ($X) and Guyana ($X) constituted the largest markets for silencer exported from Ghana worldwide, with a combined 60% share of total exports.

Belgium, with a CAGR of +109.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average silencer export price amounted to $X per ton, falling by -75.9% against the previous year. Overall, the export price saw a deep downturn. The pace of growth was the most pronounced in 2019 when the average export price increased by 95%. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then reduced remarkably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was South Africa ($X per ton), while the average price for exports to Togo ($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 Belgium (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Silencer Imports

Imports into Ghana

In 2021, imports of silencers and exhaust pipes into Ghana rose markedly to X tons, increasing by 12% compared with 2020. Over the period under review, imports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2018 when imports increased by 17%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silencer imports surged to $X in 2021. Overall, imports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2020 when imports increased by 35% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the UK (X tons) constituted the largest supplier of silencer to Ghana, accounting for a 35% share of total imports. Moreover, silencer imports from the UK exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was held by China (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from the UK totaled +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-19.6% per year) and China (-16.7% per year).

In value terms, China ($X) constituted the largest supplier of silencer to Ghana, comprising 43% of total imports. The second position in the ranking was taken by the UK ($X), with a 10% share of total imports. It was followed by the Netherlands, with a 7.1% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-0.2% per year) and the Netherlands (-0.8% per year).

Import Prices by Country

In 2021, the average silencer import price amounted to $X per ton, rising by 14% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silencer import price increased by +50.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 46%. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+33.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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