ECOWAS: Loading Machinery Market 2024

Loading Machinery Market Size in ECOWAS

The ECOWAS loading machinery market rose remarkably to $X in 2022, with an increase of 7.2% against the previous year. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.0% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Loading Machinery Production in ECOWAS

In value terms, loading machinery production rose notably to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 40% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Loading Machinery Exports

Exports in ECOWAS

In 2022, exports of lifting, handling, loading or unloading machinery in ECOWAS expanded markedly to X units, picking up by 14% on 2021. Overall, exports posted a strong expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 160% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, loading machinery exports reached $X in 2022. In general, exports showed buoyant growth. The growth pace was the most rapid in 2015 when exports increased by 199% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana dominates exports structure, resulting at X units, which was approx. 66% of total exports in 2022. Cote d'Ivoire (X units) ranks second in terms of the total exports with a 9.1% share, followed by Burkina Faso (7.8%), Senegal (5.6%) and Cabo Verde (5.1%). Sierra Leone (X units) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +26.2% from 2012 to 2022. At the same time, Burkina Faso (+34.0%), Cote d'Ivoire (+29.0%), Cabo Verde (+26.7%), Senegal (+8.7%) and Sierra Leone (+3.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +34.0% from 2012-2022. From 2012 to 2022, the share of Ghana, Burkina Faso, Cote d'Ivoire and Cabo Verde increased by +38, +6, +6 and +3 percentage points, respectively.

In value terms, Ghana ($X), Senegal ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2022, together comprising 59% of total exports.

In terms of the main exporting countries, Burkina Faso, with a CAGR of +35.9%, recorded the highest growth rate of 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, reducing by -11.7% against the previous year. In general, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 when the export price increased by 80% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 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 Cabo Verde ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+8.8%), while the other leaders experienced mixed trends in the export price figures.

Loading Machinery Imports

Imports in ECOWAS

In 2022, approx. X units of lifting, handling, loading or unloading machinery were imported in ECOWAS; with an increase of 29% compared with the previous year's figure. In general, imports continue to indicate a notable expansion. The growth pace was the most rapid in 2018 with an increase of 81%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, loading machinery imports skyrocketed to $X in 2022. Overall, imports enjoyed a mild increase. The most prominent rate of growth was recorded in 2018 with an increase of 75%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X units) was the largest importer of lifting, handling, loading or unloading machinery, making up 47% of total imports. It was distantly followed by Cote d'Ivoire (X units), Senegal (X units), Ghana (X units) and Guinea (X units), together comprising a 39% share of total imports. Liberia (X units) and Mali (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to loading machinery imports into Nigeria stood at +2.5%. At the same time, Guinea (+36.6%), Senegal (+19.5%), Cote d'Ivoire (+15.1%), Mali (+12.2%) and Liberia (+8.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +36.6% from 2012-2022. By contrast, Ghana (-7.3%) illustrated a downward trend over the same period. Cote d'Ivoire (+10 p.p.), Senegal (+8.1 p.p.), Guinea (+4.4 p.p.) and Liberia (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -16.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported lifting, handling, loading or unloading machinery in ECOWAS, comprising 45% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Ghana, with an 11% share.

In Nigeria, loading machinery imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.4% per year) and Ghana (-5.2% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, growing by 5.2% against the previous year. In general, the import price, however, showed a slight decline. The most prominent rate of growth was recorded in 2015 an increase of 13%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the import prices remained at a somewhat lower figure.

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 Ghana ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+4.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform