ECOWAS: Bearing Market 2024

Bearing Exports

Exports in ECOWAS

In 2022, shipments abroad of ball or roller bearings was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, bearing exports totaled $X in 2022. Total exports indicated a pronounced expansion 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, exports decreased by X% against 2020 indices. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Nigeria (X tons) represented the key exporter of ball or roller bearings, committing X% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a X% share, followed by Ghana (X%), Sierra Leone (X%) and Senegal (X%). Burkina Faso (X tons) and Niger (X tons) held a relatively small share of total exports.

Exports from Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%), Senegal (X%), Burkina Faso (X%), Sierra Leone (X%) and Niger (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Nigeria, Senegal, Sierra Leone and Burkina Faso increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest bearing supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports. It was followed by Sierra Leone, with an X% share.

In Cote d'Ivoire, bearing exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Sierra Leone (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, falling by X% against the previous year. In general, the export price, however, continues to indicate notable growth. The pace of growth appeared the most rapid in 2020 an increase of X%. The level of export peaked at $X per ton in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced more modest paces of growth.

Bearing Imports

Imports in ECOWAS

After four years of growth, overseas purchases of ball or roller bearings decreased by X% to X tons in 2022. In general, imports, however, saw a slight expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. The volume of import peaked at X tons in 2021, and then dropped remarkably in the following year.

In value terms, bearing imports rose markedly to $X in 2022. Over the period under review, imports showed a perceptible decline. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by Ghana (X tons), achieving a X% share of total imports. The following importers - Senegal (X tons), Guinea (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons) - together made up X% of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of ball or roller bearings. At the same time, Senegal (X%), Guinea (X%), Burkina Faso (X%), Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Senegal (X p.p.) and Guinea (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ball or roller bearings in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2014 when the import price increased by X%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform