ECOWAS: Wood Tool Market 2024

Wood Tool Market Size in ECOWAS

The ECOWAS wood tool market reduced to $X in 2021, waning by -10.3% against the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +10.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +20.1% against 2014 indices. Over the period under review, the market reached the peak level at $X in 2020, and then reduced in the following year.

Wood Tool Production in ECOWAS

In value terms, wood tool production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 47%. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Wood Tool Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in shipments abroad of tools of wood, which increased by 55% to X tons in 2021. In general, exports, however, saw a deep slump. The pace of growth was the most pronounced in 2019 when exports increased by 87% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, wood tool exports surged to $X in 2021. Overall, exports, however, continue to indicate a noticeable descent. The pace of growth appeared the most rapid in 2019 with an increase of 105% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Ghana (X tons) was the key exporter of tools of wood, achieving 60% of total exports. It was distantly followed by Cote d'Ivoire (X tons), generating a 37% share of total exports. Nigeria (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +42.3%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Ghana ($X) remains the largest wood tool supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 24% share of total exports.

In Ghana, wood tool exports contracted by an average annual rate of -5.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-2.6% per year) and Nigeria (+30.9% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with a decrease of -1.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2013 when the export price increased by 32%. As a result, the export price attained 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 Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Wood Tool Imports

Imports in ECOWAS

In 2021, overseas purchases of tools of wood increased by 21% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2013 when imports increased by 272% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, wood tool imports soared to $X in 2021. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 317%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Ghana represented the main importer of tools of wood in ECOWAS, with the volume of imports recording X tons, which was approx. 39% of total imports in 2021. Senegal (X tons) ranks second in terms of the total imports with a 24% share, followed by Cote d'Ivoire (12%), Nigeria (8%) and Benin (6.9%). The following importers - Guinea (X tons) and Togo (X tons) - each finished at a 5.6% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Togo (with a CAGR of +54.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported tools of wood in ECOWAS, comprising 42% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 20% share of total imports. It was followed by Senegal, with a 9.7% share.

From 2012 to 2021, the average annual growth rate of value in Ghana stood at +35.3%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+44.3% per year) and Senegal (+7.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, picking up by 28% against the previous year. In general, the import price recorded a slight increase. The pace of growth appeared the most rapid in 2014 an increase of 61% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform