ECOWAS: Winche And Capstan Market 2024

Winche And Capstan Market Size in ECOWAS

In 2021, the ECOWAS winche and capstan market increased by 2.7% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a mild decrease. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Winche And Capstan Production in ECOWAS

In value terms, winche and capstan production shrank to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +13.6% against 2019 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 66%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Winche And Capstan Exports

Exports in ECOWAS

In 2021, approx. X units of winches and capstans were exported in ECOWAS; falling by -91.8% on the year before. Over the period under review, exports, however, saw a pronounced increase. The most prominent rate of growth was recorded in 2020 with an increase of 863%. As a result, the exports reached the peak of X units, and then fell rapidly in the following year.

In value terms, winche and capstan exports reduced notably to $X in 2021. In general, exports, however, showed temperate growth. The pace of growth was the most pronounced in 2020 with an increase of 958%. As a result, the exports reached the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Nigeria dominates exports structure, resulting at X units, which was near 82% of total exports in 2021. It was distantly followed by Ghana (X units), creating an 8% share of total exports. Burkina Faso (X units), Niger (X units) and Senegal (X units) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to winche and capstan exports from Nigeria stood at +6.4%. At the same time, Niger (+20.4%), Senegal (+15.9%) and Burkina Faso (+1.2%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +20.4% from 2012-2021. By contrast, Ghana (-4.9%) illustrated a downward trend over the same period. Nigeria (+24 p.p.) and Niger (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -7.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest winche and capstan supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was taken by Ghana ($X), with a 9.8% share of total exports. It was followed by Senegal, with a 2.3% share.

In Nigeria, winche and capstan exports expanded at an average annual rate of +13.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+6.5% per year) and Senegal (+18.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, rising by 30% against the previous year. In general, the export price posted slight growth. The most prominent rate of growth was recorded in 2014 an increase of 72% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+11.9%), while the other leaders experienced more modest paces of growth.

Winche And Capstan Imports

Imports in ECOWAS

In 2021, overseas purchases of winches and capstans decreased by -58% to X units for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, showed tangible growth. The most prominent rate of growth was recorded in 2018 with an increase of 112%. Over the period under review, imports hit record highs at X units in 2020, and then contracted sharply in the following year.

In value terms, winche and capstan imports reduced markedly to $X in 2021. Over the period under review, imports continue to indicate a slight decline. The pace of growth appeared the most rapid in 2018 when imports increased by 87%. The level of import peaked at $X in 2020, and then reduced notably in the following year.

Imports by Country

Nigeria was the main importer of winches and capstans in ECOWAS, with the volume of imports resulting at X units, which was approx. 65% of total imports in 2021. It was distantly followed by Ghana (X units) and Senegal (X units), together generating a 27% share of total imports. The following importers - Cote d'Ivoire (X units) and Mali (X units) - each finished at a 5.1% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to winche and capstan imports into Nigeria stood at +6.0%. At the same time, Senegal (+14.4%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +14.4% from 2012-2021. Ghana and Mali experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-6.1%) illustrated a downward trend over the same period. While the share of Nigeria (+11 p.p.) and Senegal (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-3.7 p.p.) and Ghana (-7.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 76% of total imports. These countries were followed by Senegal and Mali, which together accounted for a further 8.3%.

Senegal, with a CAGR of +19.7%, recorded 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

The import price in ECOWAS stood at $X per unit in 2021, surging by 28% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt decrease. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+12.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform