Ghana: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Ghana

For the sixth consecutive year, the Ghanian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles recorded decline in sales value, which decreased by -13% to $X in 2022. In general, consumption recorded a drastic downturn. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Ghana

For the third year in a row, Ghana recorded decline in overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles, which decreased by -5.6% to X units in 2022. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by 182%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped modestly to $X in 2022. Overall, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by 109%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Cote d'Ivoire (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Ghana, with a 96% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Cote d'Ivoire exceeded the volume sent to the second major destination, Togo (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Cote d'Ivoire totaled +39.2%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Ghana, comprising 97% of total exports. The second position in the ranking was held by Togo ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire amounted to +36.0%.

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, increasing by 4.7% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 70% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Togo totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mali (+10.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Ghana

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles imported into Ghana contracted rapidly to X units, which is down by -27% on the previous year's figure. In general, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2016 when imports increased by 461%. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles surged to $X in 2022. Overall, imports saw a perceptible shrinkage. The growth pace was the most rapid in 2016 when imports increased by 77% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to Ghana, accounting for a 56% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Japan exceeded the figures recorded by the second-largest supplier, India (X units), fourfold. The third position in this ranking was held by China (X units), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.1% per year) and China (-3.9% per year).

In value terms, Japan ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Ghana, comprising 34% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by China, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled +9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.1% per year) and China (+5.5% per year).

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, surging by 61% against the previous year. In general, the import price showed a perceptible expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 204% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+37.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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