Ghana: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Ghana

In 2022, the Ghanian steel plaited band market increased by X% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption continues to indicate strong growth. Steel plaited band consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Steel Plaited Band Exports

Exports from Ghana

In 2022, overseas shipments of iron or steel plaited bands and slings were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, steel plaited band exports soared to $X in 2022. Over the period under review, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for steel plaited band exports from Ghana, with a X% share of total exports. Moreover, steel plaited band exports to Burkina Faso exceeded the volume sent to the second major destination, Angola (X kg), threefold. The third position in this ranking was held by the Netherlands (X kg), with a X% share.

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

In value terms, Burkina Faso ($X), the Netherlands ($X) and Cote d'Ivoire ($X) constituted the largest markets for steel plaited band exported from Ghana worldwide, together comprising X% of total exports.

Among the main countries of destination, Cote d'Ivoire, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel plaited band export price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the export price recorded measured growth. The pace of growth appeared the most rapid in 2019 an increase of X%. The export price peaked in 2022 and is expected to retain growth in years to come.

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 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 Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into Ghana

In 2022, after two years of decline, there was significant growth in overseas purchases of iron or steel plaited bands and slings, when their volume increased by X% to X tons. In general, imports recorded a pronounced increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, steel plaited band imports soared to $X in 2022. Overall, imports posted a pronounced increase. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest steel plaited band supplier to Ghana, accounting for a X% share of total imports. Moreover, steel plaited band imports from China exceeded the figures recorded by the second-largest supplier, Portugal (X tons), tenfold. Lebanon (X tons) ranked third in terms of total imports with a X% share.

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

In value terms, China ($X) constituted the largest supplier of iron or steel plaited bands and slings to Ghana, comprising X% of total imports. The second position in the ranking was taken by the UK ($X), with a X% share of total imports. It was followed by South Africa, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and South Africa (X% per year).

Import Prices by Country

The average steel plaited band import price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price showed a mild downturn. The pace of growth was the most pronounced in 2018 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 States ($X per ton), while the price for Portugal ($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 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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