ECOWAS: Oil Dispensing Pump Market 2024

Oil Dispensing Pump Market Size in ECOWAS

The ECOWAS oil dispensing pump market was estimated at $X in 2021, approximately mirroring the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Oil Dispensing Pump Production in ECOWAS

In value terms, oil dispensing pump production declined significantly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 2,744%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Oil Dispensing Pump Exports

Exports in ECOWAS

In 2021, after two years of decline, there was significant growth in overseas shipments of petrol and oil dispensing pumps, when their volume increased by 74% to X units. Overall, exports continue to indicate a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, oil dispensing pump exports surged to $X in 2021. Over the period under review, exports enjoyed a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Senegal was the major exporter of petrol and oil dispensing pumps in ECOWAS, with the volume of exports reaching X units, which was approx. 75% of total exports in 2021. Cote d'Ivoire (X units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (8.4%). Burkina Faso (X units) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to oil dispensing pump exports from Senegal stood at +9.4%. At the same time, Burkina Faso (+30.5%), Cote d'Ivoire (+20.4%) and Ghana (+19.2%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +30.5% from 2012-2021. From 2012 to 2021, the share of Cote d'Ivoire, Ghana and Burkina Faso increased by +6.6, +4.5 and +1.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest oil dispensing pump supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 5.3% share of total exports. It was followed by Ghana, with a 4.3% share.

In Senegal, oil dispensing pump exports increased at an average annual rate of +8.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+16.4% per year) and Ghana (+2.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, growing by 15% against the previous year. Over the period under review, the export price, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2015 when the export price increased by 31% 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 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (-0.4%), while the other leaders experienced a decline in the export price figures.

Oil Dispensing Pump Imports

Imports in ECOWAS

In 2021, overseas purchases of petrol and oil dispensing pumps decreased by -8.8% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 57% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, oil dispensing pump imports expanded significantly to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 28% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of around X units, which finished at 65% of total imports. Ghana (X units) took the second position in the ranking, distantly followed by Burkina Faso (X units), Senegal (X units) and Cote d'Ivoire (X units). All these countries together took near 30% share of total imports. Benin (X units) took a little share of total imports.

Imports into Nigeria decreased at an average annual rate of -2.2% from 2012 to 2021. At the same time, Burkina Faso (+8.4%), Senegal (+5.2%), Ghana (+4.8%) and Benin (+2.7%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.4% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. Ghana (+5.2 p.p.), Burkina Faso (+3.6 p.p.) and Senegal (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -11.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2021, with a combined 70% share of total imports.

In terms of the main importing countries, Senegal, with a CAGR of +10.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, jumping by 18% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 33% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Senegal ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform