Ghana: Tractor Market 2024

Tractor Market Size in Ghana

The Ghanian tractor market dropped rapidly to $X in 2022, which is down by -24.9% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then dropped remarkably in the following year.

Tractor Production in Ghana

In value terms, tractor production shrank to $X in 2022 estimated in export price. In general, production recorded a abrupt decline. The growth pace was the most rapid in 2015 with an increase of 27%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Tractor Exports

Exports from Ghana

In 2022, overseas shipments of tractors were finally on the rise to reach X units after two years of decline. In general, exports continue to indicate a buoyant expansion. Over the period under review, the exports reached the peak figure at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, tractor exports soared to $X in 2022. Over the period under review, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2017 when exports increased by 619% 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

Burkina Faso (X units) was the main destination for tractor exports from Ghana, with a 30% share of total exports. Moreover, tractor exports to Burkina Faso exceeded the volume sent to the second major destination, Togo (X units), threefold. The third position in this ranking was held by Benin (X units), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso amounted to +31.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+27.7% per year) and Benin (+17.5% per year).

In value terms, Togo ($X), Benin ($X) and Nigeria ($X) constituted the largest markets for tractor exported from Ghana worldwide, together comprising 43% of total exports.

Togo, with a CAGR of +85.5%, saw the highest growth rate of the value of exports, among 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

The average tractor export price stood at $X per unit in 2022, with a decrease of -20.7% against the previous year. In general, the export price showed a deep contraction. The pace of growth appeared the most rapid in 2019 an increase of 206% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while the average price for exports to Burkina Faso ($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 Benin (+34.9%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Ghana

In 2022, the amount of tractors imported into Ghana contracted remarkably to X units, shrinking by -16.5% on 2021. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 135%. As a result, imports attained the peak of X units, and then shrank rapidly in the following year.

In value terms, tractor imports shrank rapidly to $X in 2022. In general, imports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2021 with an increase of 162% against the previous year. As a result, imports reached the peak of $X, and then contracted remarkably in the following year.

Imports by Country

The Netherlands (X units), China (X units) and the United States (X units) were the main suppliers of tractor imports to Ghana, together accounting for 19% of total imports. The UK, Belgium, Germany, Italy, Sweden, Pakistan, Turkey, India, Spain and South Korea lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +14.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), China ($X) and Belgium ($X) appeared to be the largest tractor suppliers to Ghana, together comprising 31% of total imports. These countries were followed by the United States, Germany, the UK, South Korea, Sweden, Pakistan, India, Turkey, Italy and Spain, which together accounted for a further 13%.

Pakistan, with a CAGR of +10.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, dropping by -16.8% against the previous year. Overall, the import price continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2020 when the average import price increased by 30%. 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 Belgium ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :