Ghana: Market for Toothed wheels, chain sprockets and other transmission elements 2024

Market Size for Toothed wheels, chain sprockets and other transmission elements in Ghana

In 2021, the Ghanian market for toothed wheels, chain sprockets and other transmission elements increased by 1.5% to $X, rising for the second year in a row after two years of decline. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports from Ghana

In 2021, overseas shipments of toothed wheels, chain sprockets and other transmission elements increased by 8.2% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2016 with an increase of 411% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements contracted dramatically to $X in 2021. In general, exports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 325% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The UK (X tons), Niger (X tons) and Togo (X kg) were the main destinations of exports of toothed wheels, chain sprockets and other transmission elements from Ghana, with a combined 64% share of total exports. Sweden, Burkina Faso, Cote d'Ivoire, South Africa, Mali, Belgium, Senegal, Nigeria and Sierra Leone lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Burkina Faso (with a CAGR of +45.5%), while the other leaders experienced mixed trend patterns.

In value terms, Sweden ($X) emerged as the key foreign market for toothed wheels, chain sprockets and other transmission elements exports from Ghana, comprising 18% of total exports. The second position in the ranking was taken by Togo ($X), with a 6.5% share of total exports. It was followed by Niger, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sweden amounted to -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+10.9% per year) and Niger (-4.5% per year).

Export Prices by Country

In 2021, the average export price for toothed wheels, chain sprockets and other transmission elements amounted to $X per ton, dropping by -39.2% against the previous year. Overall, the export price recorded a mild slump. The most prominent rate of growth was recorded in 2014 an increase of 38%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while the average price for exports to the UK ($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 Sierra Leone (+39.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports into Ghana

In 2021, approx. X tons of toothed wheels, chain sprockets and other transmission elements were imported into Ghana; falling by -10.6% against the previous year. Overall, imports, however, enjoyed a modest expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 115%. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements soared to $X in 2021. In general, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when imports increased by 82%. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest toothed wheels, chain sprockets and other transmission elements supplier to Ghana, with a 57% share of total imports. Moreover, imports of toothed wheels, chain sprockets and other transmission elements from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was held by Germany (X tons), with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +66.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-23.1% per year) and Germany (+3.4% per year).

In value terms, the largest toothed wheels, chain sprockets and other transmission elements suppliers to Ghana were China ($X), Germany ($X) and South Africa ($X), with a combined 35% share of total imports.

China, with a CAGR of +56.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for toothed wheels, chain sprockets and other transmission elements stood at $X per ton in 2021, growing by 99.9% against the previous year. Over the period under review, the import price, however, showed a abrupt slump. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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