ECOWAS: Market for Lathes For Removing Metal 2024

Market Size for Lathes For Removing Metal in ECOWAS

After three years of growth, the ECOWAS lathe for removing metal market decreased by -8.6% to $X in 2021. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Lathes For Removing Metal in ECOWAS

In value terms, lathe for removing metal production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 55%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Exports of Lathes For Removing Metal

Exports in ECOWAS

Lathe for removing metal exports fell markedly to X units in 2021, reducing by -38.9% compared with 2020. Over the period under review, exports saw a deep slump. The most prominent rate of growth was recorded in 2018 when exports increased by 800%. Over the period under review, the lafor removing metal exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, lathe for removing metal exports soared to $X in 2021. In general, exports saw a perceptible descent. The growth pace was the most rapid in 2018 with an increase of 794%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, recording X units, which was approx. 91% of total exports in 2021. It was distantly followed by Niger (X units), generating a 9.1% share of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of -6.9% from 2012 to 2021. Niger experienced a relatively flat trend pattern. While the share of Niger (+4.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest lathe for removing metal supplier in ECOWAS, comprising 51% of total exports. The second position in the ranking was taken by Niger ($X), with a 0.1% share of total exports.

In Cote d'Ivoire, lathe for removing metal exports expanded at an average annual rate of +15.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, surging by 121% against the previous year. Overall, the export price enjoyed a notable increase. The pace of growth was the most pronounced in 2016 when the export price increased by 976%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the export prices remained at a somewhat lower figure.

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 Cote d'Ivoire ($X per unit), while Niger amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+24.3%).

Imports of Lathes For Removing Metal

Imports in ECOWAS

For the fourth year in a row, ECOWAS recorded growth in overseas purchases of lathes for removing metal, which increased by 11% to X units in 2021. Total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +112.4% against 2015 indices. The growth pace was the most rapid in 2019 with an increase of 46%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, lathe for removing metal imports stood at $X in 2021. Overall, imports showed a measured expansion. The growth pace was the most rapid in 2020 when imports increased by 50% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

Imports by Country

Ghana represented the key importer of lathes for removing metal in ECOWAS, with the volume of imports finishing at X units, which was near 51% of total imports in 2021. Burkina Faso (X units) held the second position in the ranking, followed by Cote d'Ivoire (X units), Senegal (X units) and Guinea (X units). All these countries together held approx. 33% share of total imports. The following importers - Benin (X units) and Nigeria (X units) - each resulted at a 7.8% share of total imports.

Ghana was also the fastest-growing in terms of the lathes for removing metal imports, with a CAGR of +15.4% from 2012 to 2021. At the same time, Guinea (+13.7%), Burkina Faso (+9.9%), Senegal (+8.6%) and Benin (+2.1%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-1.0%) and Nigeria (-19.7%) illustrated a downward trend over the same period. Ghana (+32 p.p.), Burkina Faso (+4.9 p.p.), Guinea (+2.6 p.p.) and Senegal (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Nigeria saw its share reduced by -4.8% and -33.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported lathes for removing metal in ECOWAS, comprising 58% of total imports. The second position in the ranking was held by Nigeria ($X), with a 12% share of total imports. It was followed by Senegal, with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana stood at +31.6%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (-16.2% per year) and Senegal (+18.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, rising by 3.2% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 49%. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a 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 Nigeria ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+14.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform