ECOWAS: Spades And Shovels Market 2025

Spades And Shovels Market Size in ECOWAS

After four years of growth, the ECOWAS spades and shovels market decreased by -22.9% to $X in 2021. Over the period under review, consumption, however, continues to indicate buoyant growth. As a result, consumption reached the peak level of $X, and then fell dramatically in the following year.

Spades And Shovels Production in ECOWAS

In value terms, spades and shovels production reduced rapidly to $X in 2021 estimated in export price. In general, production, however, posted a remarkable increase. The growth pace was the most rapid in 2020 when the production volume increased by 60% against the previous year. As a result, production attained the peak level of $X, and then contracted rapidly in the following year.

Spades And Shovels Exports

Exports in ECOWAS

In 2021, approx. X tons of spades and shovels were exported in ECOWAS; with a decrease of -14.9% against the previous year. Overall, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 90%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, spades and shovels exports shrank to $X in 2021. Over the period under review, exports continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 49% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) prevails in exports structure, together generating 90% of total exports. The following exporters - Cabo Verde (X kg) and Guinea (X kg) - together made up 5.2% of total exports.

From 2012 to 2021, the biggest increases were recorded for Cabo Verde (with a CAGR of +41.4%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X) remains the largest spades and shovels supplier in ECOWAS, comprising 69% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 24% share of total exports. It was followed by Cabo Verde, with a 0.9% share.

In Ghana, spades and shovels exports decreased by an average annual rate of -4.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-4.7% per year) and Cabo Verde (+29.9% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 7.3% against the previous year. Export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spades and shovels export price decreased by -13.1% against 2019 indices. The growth pace was the most rapid in 2013 when the export price increased by 77%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.4%), while the other leaders experienced a decline in the export price figures.

Spades And Shovels Imports

Imports in ECOWAS

After two years of growth, purchases abroad of spades and shovels decreased by -42.4% to X tons in 2021. Overall, imports, however, saw a measured increase. The pace of growth was the most pronounced in 2020 when imports increased by 78% against the previous year. As a result, imports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, spades and shovels imports shrank to $X in 2021. In general, imports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 83% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

Ghana (X tons) and Nigeria (X tons) represented roughly 61% of total imports in 2021. Burkina Faso (X tons) ranks next in terms of the total imports with a 12% share, followed by Guinea (11%). Senegal (X tons), Liberia (X tons) and Sierra Leone (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +12.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest spades and shovels importing markets in ECOWAS were Ghana ($X), Guinea ($X) and Nigeria ($X), together accounting for 88% of total imports.

Guinea, with a CAGR of +28.2%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 64% against the previous year. Import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spades and shovels import price increased by +119.5% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+17.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform