ECOWAS: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2024

Exports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Exports in ECOWAS

After three years of growth, overseas shipments of fork-lift trucks and other industrial works trucks and tractors decreased by -38.3% to X units in 2022. Over the period under review, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 2,175%. Over the period under review, the exports of reached the maximum at X units in 2021, and then fell remarkably in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors totaled $X in 2022. Overall, exports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 138%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Sierra Leone dominates tractors structure, reaching X units, which was approx. 93% of total exports in 2022. The following exporters - Senegal (X units) and Cote d'Ivoire (X units) - each accounted for a 3.4% share of total exports.

Sierra Leone was also the fastest-growing in terms of the fork-lift trucks and other industrial works trucks and tractors exports, with a CAGR of +65.4% from 2012 to 2022. At the same time, Senegal (+13.2%) and Cote d'Ivoire (+5.8%) displayed positive paces of growth. From 2012 to 2022, the share of Sierra Leone increased by +78 percentage points.

In value terms, the largest forklift truck and industrial works truck supplying countries in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Sierra Leone ($X), with a combined 62% share of total exports.

Sierra Leone, with a CAGR of +6.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, rising by 69% against the previous year. Overall, the export price, however, continues to indicate a precipitous decrease. The pace of growth appeared the most rapid in 2018 when the export price increased by 2,614%. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-7.9%), while the other leaders experienced a decline in the export price figures.

Imports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Imports in ECOWAS

After three years of growth, overseas purchases of fork-lift trucks and other industrial works trucks and tractors decreased by -57% to X units in 2022. Overall, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 593% against the previous year. As a result, imports reached the peak of X units, and then declined sharply in the following year.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors contracted notably to $X in 2022. Over the period under review, imports, however, saw a moderate increase. The most prominent rate of growth was recorded in 2021 when imports increased by 84% against the previous year. As a result, imports attained the peak of $X, and then declined notably in the following year.

Imports by Country

In 2022, Nigeria (X units) represented the largest importer of fork-lift trucks and other industrial works trucks and tractors, comprising 49% of total imports. Ghana (X units) ranks second in terms of the total imports with a 13% share, followed by Burkina Faso (9.3%), Cote d'Ivoire (9.1%), Senegal (8.1%) and Togo (4.9%). Guinea (X units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to forklift truck and industrial works truck imports into Nigeria stood at +11.2%. At the same time, Burkina Faso (+36.8%), Senegal (+25.0%), Togo (+23.3%), Guinea (+20.7%), Cote d'Ivoire (+10.5%) and Ghana (+7.2%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +36.8% from 2012-2022. From 2012 to 2022, the share of Burkina Faso, Senegal and Togo increased by +8, +5.3 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fork-lift trucks and other industrial works trucks and tractors in ECOWAS, comprising 51% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 11% share of total imports. It was followed by Ghana, with a 10% share.

In Nigeria, imports of fork-lift trucks and other industrial works trucks and tractors expanded at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-1.0% per year) and Ghana (-6.8% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, picking up by 68% against the previous year. Overall, the import price, however, showed a deep slump. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-5.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform