ECOWAS: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in ECOWAS

The ECOWAS industrial sewing machine market skyrocketed to $X in 2022, growing by 74% against the previous year. Over the period under review, consumption continues to indicate resilient growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Industrial Sewing Machine Production in ECOWAS

In value terms, industrial sewing machine production rose modestly to $X in 2022 estimated in export price. Overall, production, however, showed a perceptible descent. The pace of growth appeared the most rapid in 2014 with an increase of 135% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Industrial Sewing Machine Exports

Exports in ECOWAS

In 2022, shipments abroad of industrial sewing machines increased by 9.6% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a mild shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 24,884%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial sewing machine exports contracted to $X in 2022. Over the period under review, exports, however, showed a perceptible descent. The pace of growth appeared the most rapid in 2014 with an increase of 85%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, accounting for X units, which was near 71% of total exports in 2022. Ghana (X units) ranks second in terms of the total exports with an 8.8% share, followed by Senegal (7.4%). The following exporters - Cote d'Ivoire (X units), Togo (X units) and Cabo Verde (X units) - together made up 10% of total exports.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of industrial sewing machines. At the same time, Ghana (+3.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +3.7% from 2012-2022. Cote d'Ivoire and Togo experienced a relatively flat trend pattern. By contrast, Cabo Verde (-5.4%) and Senegal (-8.6%) illustrated a downward trend over the same period. While the share of Nigeria (+13 p.p.), Ghana (+3.4 p.p.) and Togo (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-8.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest industrial sewing machine supplier in ECOWAS, comprising 64% of total exports. The second position in the ranking was taken by Senegal ($X), with a 22% share of total exports. It was followed by Ghana, with a 5.6% share.

In Nigeria, industrial sewing machine exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+9.1% per year) and Ghana (+26.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, falling by -17.1% against the previous year. In general, the export price continues to indicate a mild downturn. The pace of growth was the most pronounced in 2015 an increase of 16,386% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+21.6%), while the other leaders experienced mixed trends in the export price figures.

Industrial Sewing Machine Imports

Imports in ECOWAS

In 2022, the amount of industrial sewing machines imported in ECOWAS skyrocketed to X units, increasing by 93% on the year before. Over the period under review, imports enjoyed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial sewing machine imports skyrocketed to $X in 2022. Overall, imports posted a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the main importer of industrial sewing machines in ECOWAS, with the volume of imports amounting to X units, which was approx. 69% of total imports in 2022. Ghana (X units) held the second position in the ranking, followed by Senegal (X units). All these countries together took approx. 21% share of total imports. Togo (X units), Mali (X units) and Cote d'Ivoire (X units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to industrial sewing machine imports into Nigeria stood at +22.5%. At the same time, Mali (+38.7%), Togo (+26.5%), Cote d'Ivoire (+23.9%), Senegal (+9.9%) and Ghana (+9.5%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +38.7% from 2012-2022. While the share of Nigeria (+22 p.p.), Togo (+2.2 p.p.) and Mali (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-8.4 p.p.) and Ghana (-14.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported industrial sewing machines in ECOWAS, comprising 85% of total imports. The second position in the ranking was taken by Ghana ($X), with an 8.1% share of total imports. It was followed by Senegal, with a 2.6% share.

In Nigeria, industrial sewing machine imports expanded at an average annual rate of +19.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+6.1% per year) and Senegal (+5.3% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, falling by -6.2% against the previous year. Overall, the import price saw a mild contraction. The pace of growth appeared the most rapid in 2015 when the import price increased by 26% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform