Angola: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in Angola

In 2022, the Angolan fork-lift truck market increased by 20% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed resilient growth. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Fork-Lift Truck Exports

Exports from Angola

In 2022, approx. X units of fork-lift trucks were exported from Angola; rising by 26% compared with the year before. Overall, exports, however, continue to indicate a precipitous decrease. The pace of growth appeared the most rapid in 2016 when exports increased by 175%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, fork-lift truck exports soared to $X in 2022. Over the period under review, exports, however, saw a drastic downturn. The growth pace was the most rapid in 2018 when exports increased by 296%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Democratic Republic of the Congo (X units), Portugal (X units) and Sao Tome and Principe (X units) were the main destinations of fork-lift truck exports from Angola, together comprising 85% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sao Tome and Principe (with a CAGR of +12.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fork-lift truck exported from Angola were Sao Tome and Principe ($X), Democratic Republic of the Congo ($X) and South Africa ($X), together comprising 77% of total exports.

In terms of the main countries of destination, South Africa, with a CAGR of +85.5%, recorded the highest rates of growth with regard to 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 fork-lift truck export price stood at $X per unit in 2022, picking up by 29% against the previous year. In general, the export price posted a resilient increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 248%. Over the period under review, the average export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 South Africa ($X per unit), while the average price for exports to Mozambique ($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 South Africa (+73.1%), while the prices for the other major destinations experienced more modest paces of growth.

Fork-Lift Truck Imports

Imports into Angola

In 2022, overseas purchases of fork-lift trucks increased by 37% to X units for the first time since 2017, thus ending a four-year declining trend. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 370% against the previous year. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, fork-lift truck imports dropped sharply to $X in 2022. In general, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 65% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of fork-lift truck to Angola, with a 60% share of total imports. Moreover, fork-lift truck imports from China exceeded the figures recorded by the second-largest supplier, Portugal (X units), eightfold. The third position in this ranking was taken by Turkey (X units), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (-14.5% per year) and Turkey (+24.0% per year).

In value terms, China ($X) constituted the largest supplier of fork-lift trucks to Angola, comprising 38% of total imports. The second position in the ranking was taken by Portugal ($X), with a 17% share of total imports. It was followed by Sweden, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (-17.4% per year) and Sweden (+19.1% per year).

Import Prices by Country

The average fork-lift truck import price stood at $X per unit in 2022, with a decrease of -38.7% against the previous year. Over the period under review, the import price showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average import price increased by 87% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for Turkey ($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 UK (+5.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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