Ghana: Steel Spring Market 2024

Steel Spring Market Size in Ghana

The Ghanian steel spring market reached $X in 2023, stabilizing at the previous year. Over the period under review, the total consumption indicated a notable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Steel Spring Production in Ghana

In value terms, steel spring production stood at $X in 2023 estimated in export price. Over the period under review, the total production indicated measured growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, production reached the peak level of $X. From 2020 to 2023, production growth remained at a lower figure.

Steel Spring Exports

Exports from Ghana

In 2023, shipments abroad of steel springs and leaves for springs decreased by X% to X tons, falling for the second consecutive year after two years of decline. Overall, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, steel spring exports fell notably to $X in 2023. In general, exports, however, saw a significant increase. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

Mali (X tons), Burkina Faso (X tons) and the UK (X tons) were the main destinations of steel spring exports from Ghana, together comprising X% of total exports. Cote d'Ivoire, Nigeria, Belgium, Liberia and Niger lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel spring exported from Ghana were Mali ($X), Burkina Faso ($X) and Nigeria ($X), together comprising X% of total exports. Belgium, Niger, the UK, Cote d'Ivoire and Liberia lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Belgium, 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

In 2023, the average steel spring export price amounted to $X per ton, which is down by X% against the previous year. Overall, the export price saw a abrupt curtailment. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Liberia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Ghana

In 2023, purchases abroad of steel springs and leaves for springs decreased by X% to X tons, falling for the second year in a row after three years of decline. In general, imports, however, recorded a moderate expansion. The pace of growth was the most pronounced in 2018 with an increase of X%. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, steel spring imports fell dramatically to $X in 2023. Over the period under review, imports showed a mild slump. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X tons) constituted the largest steel spring supplier to Ghana, accounting for a X% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. The United Arab Emirates (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, 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: South Korea (X% per year) and the United Arab Emirates (X% per year).

In value terms, China ($X) constituted the largest supplier of steel springs and leaves for springs to Ghana, comprising X% of total imports. The second position in the ranking was held by Belgium ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (X% per year) and South Korea (X% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the import price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform