ECOWAS: Household Hand Tools Market 2025

Household Hand Tools Market Size in ECOWAS

In 2021, after two years of growth, there was significant decline in the ECOWAS household hand tools market, when its value decreased by -8.5% to $X. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.4% 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 +34.0% against 2018 indices. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Household Hand Tools Production in ECOWAS

In value terms, household hand tools production contracted rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, saw buoyant growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 71% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then dropped sharply in the following year.

Household Hand Tools Exports

Exports in ECOWAS

Household hand tools exports expanded rapidly to X tons in 2021, increasing by 13% against the previous year. Overall, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 715%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, household hand tools exports skyrocketed to $X in 2021. In general, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 300%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Liberia represented the key exporter of household hand tools in ECOWAS, with the volume of exports resulting at X tons, which was approx. 67% of total exports in 2021. Senegal (X kg) ranks second in terms of the total exports with an 11% share, followed by Ghana (9.5%) and Nigeria (7.1%). Mali (X kg) followed a long way behind the leaders.

Liberia was also the fastest-growing in terms of the household hand tools exports, with a CAGR of +19.4% from 2012 to 2021. Nigeria (-7.2%), Senegal (-10.1%), Mali (-23.6%) and Ghana (-33.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Liberia, Senegal and Nigeria increased by +64, +5.6 and +4.4 percentage points, respectively.

In value terms, the largest household hand tools supplying countries in ECOWAS were Liberia ($X), Senegal ($X) and Ghana ($X), together comprising 85% of total exports.

Liberia, with a CAGR of +16.9%, saw 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

The export price in ECOWAS stood at $X per ton in 2021, surging by 17% against the previous year. Export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household hand tools export price decreased by -11.6% against 2019 indices. The pace of growth was the most pronounced in 2016 an increase of 69% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+17.1%), while the other leaders experienced more modest paces of growth.

Household Hand Tools Imports

Imports in ECOWAS

In 2021, the amount of household hand tools imported in ECOWAS declined to X tons, waning by -12.7% compared with the previous year's figure. In general, imports saw a perceptible decline. The pace of growth was the most pronounced in 2020 with an increase of 166%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, household hand tools imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate tangible growth. The most prominent rate of growth was recorded in 2020 when imports increased by 54%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Nigeria (X tons) was the major importer of household hand tools, constituting 43% of total imports. It was distantly followed by Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons), together creating a 41% share of total imports. The following importers - Benin (X tons), Liberia (X tons) and Togo (X tons) - each resulted at an 8.3% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to household hand tools imports into Nigeria stood at -4.7%. At the same time, Senegal (+9.0%), Liberia (+4.8%) and Cote d'Ivoire (+3.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +9.0% from 2012-2021. By contrast, Benin (-3.4%), Ghana (-5.5%) and Togo (-13.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cote d'Ivoire and Senegal increased by +5.8 and +5.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest household hand tools importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 61% share of total imports.

Among the main importing countries, Senegal, with a CAGR of +16.5%, saw the highest growth rate of the value of imports, 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, growing by 66% against the previous year. Import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household hand tools import price decreased by -7.7% against 2018 indices. The growth pace was the most rapid in 2015 when the import price increased by 70%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+13.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform