ECOWAS: Wood Milling Machine Market 2024

Wood Milling Machine Market Size in ECOWAS

In 2021, the ECOWAS wood milling machine market decreased by -7.7% to $X for the first time since 2015, thus ending a five-year rising trend. Overall, consumption, however, continues to indicate noticeable growth. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Wood Milling Machine Production in ECOWAS

In value terms, wood milling machine production reduced to $X in 2021 estimated in export price. In general, production, however, recorded notable growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 108%. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Wood Milling Machine Exports

Exports in ECOWAS

For the tenth year in a row, ECOWAS recorded growth in shipments abroad of planing, milling or moulding machines, which increased by 81% to X units in 2021. In general, exports saw a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 150% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, wood milling machine exports surged to $X in 2021. Over the period under review, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire was the largest exporter of planing, milling or moulding machines in ECOWAS, with the volume of exports amounting to X units, which was near 87% of total exports in 2021. It was distantly followed by Sierra Leone (X units), mixing up a 13% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the planing, milling or moulding machines exports, with a CAGR of +47.5% from 2012 to 2021. At the same time, Sierra Leone (+19.6%) displayed positive paces of growth. From 2012 to 2021, the share of Cote d'Ivoire increased by +37 percentage points.

In value terms, Cote d'Ivoire ($X) emerged as the largest wood milling machine supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 5.8% share of total exports.

In Cote d'Ivoire, wood milling machine exports expanded at an average annual rate of +78.3% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, with an increase of 325% against the previous year. Over the period under review, the export price, however, saw a deep slump. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, 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 Cote d'Ivoire ($X per unit), while Sierra Leone stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+20.9%).

Wood Milling Machine Imports

Imports in ECOWAS

In 2021, approx. X units of planing, milling or moulding machines were imported in ECOWAS; picking up by 29% on 2020 figures. Over the period under review, imports saw prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 117% against the previous year. As a result, imports attained the peak of X units; afterwards, it flattened through to 2021.

In value terms, wood milling machine imports rose rapidly to $X in 2021. Overall, imports showed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 144% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana dominates imports structure, recording X units, which was approx. 59% of total imports in 2021. Cote d'Ivoire (X units) held a 9.7% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (7.9%) and Senegal (5.3%). The following importers - Burkina Faso (X units), Benin (X units) and Guinea (X units) - together made up 11% of total imports.

From 2012 to 2021, average annual rates of growth with regard to wood milling machine imports into Ghana stood at +41.5%. At the same time, Benin (+51.9%), Cote d'Ivoire (+39.9%), Guinea (+32.1%), Burkina Faso (+5.4%) and Nigeria (+5.3%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +51.9% from 2012-2021. By contrast, Senegal (-12.8%) illustrated a downward trend over the same period. While the share of Ghana (+51 p.p.), Cote d'Ivoire (+8.3 p.p.), Benin (+3.2 p.p.) and Guinea (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Burkina Faso (-3.5 p.p.), Nigeria (-7.5 p.p.) and Senegal (-51.1 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported planing, milling or moulding machines in ECOWAS, comprising 61% of total imports. The second position in the ranking was taken by Ghana ($X), with a 17% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +14.6%. In the other countries, the average annual rates were as follows: Ghana (+20.6% per year) and Cote d'Ivoire (+20.3% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, shrinking by -16.5% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 45%. Over the period under review, import prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Senegal ($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 (+15.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform