Ghana: Transmission Shaft Market 2024

Transmission Shaft Market Size in Ghana

In 2022, the Ghanian transmission shaft market decreased by -4.4% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, posted a buoyant increase. Transmission shaft consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Transmission Shaft Exports

Exports from Ghana

In 2022, after two years of growth, there was significant decline in shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, when their volume decreased by -22.2% to X tons. In general, exports recorded a perceptible contraction. The growth pace was the most rapid in 2018 with an increase of 199% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, transmission shaft exports contracted dramatically to $X in 2022. Overall, exports showed a noticeable setback. The growth pace was the most rapid in 2018 when exports increased by 93%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons), Burkina Faso (X tons) and Nigeria (X tons) were the main destinations of transmission shaft exports from Ghana, together comprising 48% of total exports. Belgium, Togo, France, Egypt, Germany, Angola, Australia, South Africa, Sweden and the Netherlands lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +35.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) remains the key foreign market for transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports from Ghana, comprising 29% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 6% share of total exports. It was followed by France, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Burkina Faso totaled +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+15.5% per year) and France (+11.2% per year).

Export Prices by Country

In 2022, the average transmission shaft export price amounted to $X per ton, remaining stable against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 40% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into Ghana

In 2022, overseas purchases of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain decreased by -4.2% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 229% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, transmission shaft imports declined to $X in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 70% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of transmission shaft to Ghana, accounting for a 83% share of total imports. It was followed by Liberia (X tons), with a 2.3% share of total imports. The third position in this ranking was taken by Belgium (X tons), with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +27.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Liberia (+63.6% per year) and Belgium (-11.5% per year).

In value terms, China ($X) constituted the largest supplier of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain to Ghana, comprising 38% of total imports. The second position in the ranking was held by Belgium ($X), with a 15% share of total imports. It was followed by Germany, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +31.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-6.8% per year) and Germany (-5.2% per year).

Import Prices by Country

In 2022, the average transmission shaft import price amounted to $X per ton, which is down by -2% against the previous year. Overall, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the average import price increased by 78% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 ($X per ton), while the price for China ($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 UK (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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