Ghana: Tyre Market 2024

Tyre Market Size in Ghana

In 2022, after two years of growth, there was decline in the Ghanian tyre market, when its value decreased by X% to $X. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced slightly in the following year.

Tyre Exports

Exports from Ghana

After two years of growth, shipments abroad of tyres decreased by X% to X units in 2022. In general, exports, however, saw prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The exports peaked at X units in 2021, and then dropped in the following year.

In value terms, tyre exports shrank to $X in 2022. Over the period under review, exports, however, posted a noticeable expansion. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X units) was the main destination for tyre exports from Ghana, with a X% share of total exports. Moreover, tyre exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Togo (X units), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (X% per year) and Burkina Faso (X% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for tyres exports from Ghana, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with an X% share of total exports.

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

Export Prices by Country

In 2022, the average tyre export price amounted to $X per unit, with an increase of X% against the previous year. In general, the export price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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 Togo ($X per unit), while the average price for exports to Cote d'Ivoire ($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 Togo (X%), while the prices for the other major destinations experienced a decline.

Tyre Imports

Imports into Ghana

In 2022, after three years of growth, there was significant decline in overseas purchases of tyres, when their volume decreased by X% to X units. In general, imports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, tyre imports declined slightly to $X in 2022. Overall, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021, and then shrank modestly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest tyre supplier to Ghana, accounting for a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. India (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and India (X% per year).

In value terms, China ($X) constituted the largest supplier of tyres to Ghana, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average tyre import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price, however, recorded a perceptible curtailment. The growth pace was the most rapid in 2018 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a lower figure.

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 the United Arab Emirates ($X per unit), while the price for Thailand ($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 Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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