ECOWAS: Sewing Machine Furniture Market 2024

Sewing Machine Furniture Market Size in ECOWAS

The ECOWAS sewing machine furniture market stood at $X in 2022, picking up by 6.8% against the previous year. Overall, consumption, however, showed a significant increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Sewing Machine Furniture Production in ECOWAS

In value terms, sewing machine furniture production stood at $X in 2022 estimated in export price. Over the period under review, production enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 137%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Sewing Machine Furniture Exports

Exports in ECOWAS

In 2022, overseas shipments of furniture, bases and covers for sewing machines decreased by -37.6% to X tons, falling for the third consecutive year after two years of growth. Overall, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 209% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, sewing machine furniture exports soared to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 150%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Togo (X tons) and Nigeria (X tons) dominates exports structure, together mixing up 86% of total exports. It was distantly followed by Burkina Faso (X kg), mixing up an 8.2% share of total exports. Ghana (X kg) and Cote d'Ivoire (X kg) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +7.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) emerged as the largest sewing machine furniture supplier in ECOWAS, comprising 59% of total exports. The second position in the ranking was held by Togo ($X), with a 26% share of total exports. It was followed by Burkina Faso, with a 6.5% share.

In Nigeria, sewing machine furniture exports declined by an average annual rate of -1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (+7.3% per year) and Burkina Faso (+1.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by 86% against the previous year. Overall, the export price recorded a resilient expansion. The most prominent rate of growth was recorded in 2014 when the export price increased by 117%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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 Nigeria ($X per ton), while Togo ($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 (+13.6%), while the other leaders experienced more modest paces of growth.

Sewing Machine Furniture Imports

Imports in ECOWAS

In 2022, supplies from abroad of furniture, bases and covers for sewing machines decreased by -52.5% to X tons, falling for the second year in a row after three years of growth. In general, imports, however, showed a significant expansion. The growth pace was the most rapid in 2018 when imports increased by 1,330% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sewing machine furniture imports dropped to $X in 2022. Over the period under review, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 427% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was approx. 92% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), constituting a 5.1% share of total imports.

Imports into Nigeria increased at an average annual rate of +22.0% from 2012 to 2022. At the same time, Cote d'Ivoire (+44.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +44.3% from 2012-2022. While the share of Nigeria (+13 p.p.) and Cote d'Ivoire (+4.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported furniture, bases and covers for sewing machines in ECOWAS, comprising 89% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 4.8% share of total imports.

In Nigeria, sewing machine furniture imports increased at an average annual rate of +27.4% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 88% against the previous year. In general, the import price showed a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+4.4%).

Source: IndexBox Platform