ECOWAS: Hand Tools Market 2025

Hand Tools Market Size in ECOWAS

In 2021, the ECOWAS hand tools market increased by 10% to $X, rising for the fifth consecutive year after three years of decline. The total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +104.6% against 2016 indices. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Hand Tools Production in ECOWAS

In value terms, hand tools production surged to $X in 2021 estimated in export price. Overall, production saw a strong increase. The pace of growth was the most pronounced in 2018 when the production volume increased by 85%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Hand Tools Exports

Exports in ECOWAS

In 2021, hand tools exports in ECOWAS reduced markedly to X tons, dropping by -36.8% compared with the previous year's figure. Over the period under review, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2015 with an increase of 107%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, hand tools exports shrank rapidly to $X in 2021. Overall, exports recorded a noticeable curtailment. The growth pace was the most rapid in 2015 with an increase of 74% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana represented the major exporting country with an export of around X tons, which resulted at 58% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 24% share, followed by Nigeria (5.5%). The following exporters - Guinea (X tons), Benin (X tons) and Burkina Faso (X tons) - together made up 7.2% of total exports.

From 2012 to 2021, average annual rates of growth with regard to hand tools exports from Ghana stood at +3.9%. At the same time, Guinea (+34.9%) and Nigeria (+8.0%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +34.9% from 2012-2021. Burkina Faso experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-10.2%) and Benin (-28.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Nigeria and Guinea increased by +35, +4 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest hand tools supplier in ECOWAS, comprising 49% of total exports. The second position in the ranking was held by Guinea ($X), with a 15% share of total exports. It was followed by Cote d'Ivoire, with a 12% share.

In Ghana, hand tools exports increased at an average annual rate of +10.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Guinea (+33.8% per year) and Cote d'Ivoire (-11.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 9.3% against the previous year. Export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hand tools export price increased by +78.9% against 2015 indices. The pace of growth appeared the most rapid in 2016 when the export price increased by 38% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Hand Tools Imports

Imports in ECOWAS

After four years of growth, supplies from abroad of hand tools decreased by -14.1% to X tons in 2021. In general, imports, however, enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2020 when imports increased by 70% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, hand tools imports soared to $X in 2021. Total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +80.4% against 2017 indices. The pace of growth was the most pronounced in 2020 with an increase of 49%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

The purchases of the three major importers of hand tools, namely Ghana, Nigeria and Cote d'Ivoire, represented more than two-thirds of total import. Senegal (X tons) held the next position in the ranking, followed by Guinea (X tons). All these countries together took near 14% share of total imports. Burkina Faso (X tons), Togo (X tons) and Liberia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +17.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hand tools importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 59% share of total imports. Guinea, Nigeria, Liberia, Burkina Faso and Togo lagged somewhat behind, together accounting for a further 30%.

Guinea, with a CAGR of +17.0%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, increasing by 35% against the previous year. Import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guinea ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform