ECOWAS: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in ECOWAS

In 2022, the ECOWAS machine-tool for drilling market decreased by -8.2% to $X, falling for the second year in a row after three years of growth. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Machine-Tool For Drilling Production in ECOWAS

In value terms, machine-tool for drilling production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 149%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Machine-Tool For Drilling Exports

Exports in ECOWAS

In 2022, exports of machine-tools for drilling, boring or milling metal in ECOWAS surged to X units, jumping by 2,239% compared with 2021 figures. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2015 when exports increased by 7,689% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, machine-tool for drilling exports reduced notably to $X in 2022. Over the period under review, exports, however, faced a abrupt decrease. The pace of growth appeared the most rapid in 2013 with an increase of 300%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Mali prevails in exports structure, accounting for X units, which was approx. 93% of total exports in 2022. It was distantly followed by Ghana (X units), generating a 4.5% share of total exports. Togo (X units) held a minor share of total exports.

Mali experienced a relatively flat trend pattern with regard to volume of exports of machine-tools for drilling, boring or milling metal. At the same time, Togo (+22.5%) and Ghana (+5.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.5% from 2012-2022. From 2012 to 2022, the share of Mali increased by +93 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Togo ($X) and Mali ($X) were the countries with the highest levels of exports in 2022, with a combined 30% share of total exports.

Togo, with a CAGR of +19.4%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, which is down by -96.4% against the previous year. Over the period under review, the export price continues to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2016 when the export price increased by 16,567% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Togo ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-2.5%).

Machine-Tool For Drilling Imports

Imports in ECOWAS

Machine-tool for drilling imports soared to X units in 2022, with an increase of 28% compared with the year before. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 2,757% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, machine-tool for drilling imports shrank modestly to $X in 2022. Overall, imports recorded pronounced growth. The pace of growth appeared the most rapid in 2020 when imports increased by 120%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the key importing country with an import of about X units, which accounted for 62% of total imports. Ghana (X units) ranks second in terms of the total imports with a 12% share, followed by Burkina Faso (7%) and Senegal (5.4%). Benin (X units), Cote d'Ivoire (X units) and Sierra Leone (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to machine-tool for drilling imports into Nigeria stood at -2.0%. At the same time, Senegal (+29.2%), Benin (+15.3%), Cote d'Ivoire (+9.5%), Sierra Leone (+8.5%) and Burkina Faso (+4.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +29.2% from 2012-2022. By contrast, Ghana (-4.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal, Benin, Burkina Faso and Cote d'Ivoire increased by +5, +2.9, +2.8 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported machine-tools for drilling, boring or milling metal in ECOWAS, comprising 61% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Cote d'Ivoire, with a 4.5% share.

In Nigeria, machine-tool for drilling imports increased at an average annual rate of +1.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+2.9% per year) and Cote d'Ivoire (+5.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, waning by -24.2% against the previous year. Over the period under review, the import price, however, showed a pronounced increase. The growth pace was the most rapid in 2016 when the import price increased by 2,049% against the previous year. The level of import peaked at $X per unit in 2021, and then reduced notably in the following year.

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 ($X per unit), while Burkina Faso ($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 (+7.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform