Ghana: Bearing Market 2024

Bearing Market Size in Ghana

The Ghanian bearing market totaled $X in 2022, increasing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted moderate growth. Bearing consumption peaked in 2022 and is expected to retain growth in years to come.

Bearing Exports

Exports from Ghana

In 2022, overseas shipments of ball or roller bearings decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, bearing exports contracted to $X in 2022. Over the period under review, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Egypt (X tons) was the main destination for bearing exports from Ghana, with a X% share of total exports. Moreover, bearing exports to Egypt exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), threefold. The third position in this ranking was held by the Netherlands (X kg), with an X% share.

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

In value terms, Egypt ($X) remains the key foreign market for ball or roller bearings exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total exports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Egypt amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Senegal (X% per year).

Export Prices by Country

The average bearing export price stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price, however, saw a slight setback. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Mali ($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 Guinea (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Bearing Imports

Imports into Ghana

For the fourth consecutive year, Ghana recorded growth in supplies from abroad of ball or roller bearings, which increased by X% to X tons in 2022. Overall, imports recorded a resilient expansion. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, bearing imports fell slightly to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of bearing to Ghana, accounting for a X% share of total imports. Moreover, bearing imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), tenfold. The third position in this ranking was taken by Belgium (X tons), with a X% share.

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

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

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

Import Prices by Country

The average bearing import price stood at $X per ton in 2022, declining by X% against the previous year. Overall, the import price continues to indicate a drastic downturn. The growth pace was the most rapid in 2013 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat 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 UK ($X per ton), while the price for China ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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