ECOWAS: Market for Industrial Automatic Sewing Machines 2024

Market Size for Industrial Automatic Sewing Machines in ECOWAS

The ECOWAS industrial automatic sewing machine market surged to $X in 2022, picking up by 116% against the previous year. In general, consumption continues to indicate significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Industrial Automatic Sewing Machines in ECOWAS

In value terms, industrial automatic sewing machine production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 11% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Industrial Automatic Sewing Machines

Exports in ECOWAS

In 2022, exports of industrial automatic sewing machines in ECOWAS dropped notably to X units, shrinking by -25.6% compared with 2021 figures. Over the period under review, exports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 with an increase of 125% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, industrial automatic sewing machine exports fell remarkably to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 113% against the previous year. The level of export peaked at $X in 2021, and then fell remarkably in the following year.

Exports by Country

Nigeria represented the largest exporting country with an export of around X units, which resulted at 53% of total exports. Ghana (X units) took the second position in the ranking, followed by Senegal (X units) and Cabo Verde (X units). All these countries together took near 47% share of total exports.

Nigeria was also the fastest-growing in terms of the industrial automatic sewing machines exports, with a CAGR of +13.0% from 2012 to 2022. At the same time, Ghana (+5.8%) displayed positive paces of growth. Cabo Verde experienced a relatively flat trend pattern. By contrast, Senegal (-11.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Ghana and Cabo Verde increased by +43, +14 and +2.2 percentage points, respectively.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, with a combined 99% share of total exports.

In terms of the main exporting countries, Nigeria, with a CAGR of +40.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, falling by -6.5% against the previous year. In general, the export price, however, recorded prominent growth. The growth pace was the most rapid in 2020 an increase of 176% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Ghana ($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 (+24.3%), while the other leaders experienced more modest paces of growth.

Imports of Industrial Automatic Sewing Machines

Imports in ECOWAS

In 2022, imports of industrial automatic sewing machines in ECOWAS soared to X units, rising by 37% against the previous year's figure. Over the period under review, imports showed a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 53%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, industrial automatic sewing machine imports soared to $X in 2022. Overall, imports continue to indicate a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Nigeria (X units) represented the key importer of industrial automatic sewing machines, creating 72% of total imports. Ghana (X units) ranks second in terms of the total imports with an 11% share, followed by Senegal (9.9%). Mali (X units) and Cote d'Ivoire (X units) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the industrial automatic sewing machines imports, with a CAGR of +87.4% from 2012 to 2022. At the same time, Mali (+48.1%), Cote d'Ivoire (+40.8%), Senegal (+9.9%) and Ghana (+6.0%) displayed positive paces of growth. Nigeria (+71 p.p.) and Mali (+3.4 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Ghana saw its share reduced by -21.7% and -38.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported industrial automatic sewing machines in ECOWAS, comprising 93% of total imports. The second position in the ranking was held by Ghana ($X), with a 2.8% share of total imports. It was followed by Senegal, with a 2.5% share.

In Nigeria, industrial automatic sewing machine imports expanded at an average annual rate of +93.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+1.1% per year) and Senegal (+11.8% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, growing by 81% against the previous year. Over the period under review, the import price enjoyed a buoyant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Mali ($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 (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform