ECOWAS: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in ECOWAS

In 2021, the ECOWAS wooden office furniture market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -32.4% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Wooden Office Furniture Production in ECOWAS

In value terms, wooden office furniture production surged to $X in 2021 estimated in export price. The total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% 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 decreased by -36.6% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 69% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Wooden Office Furniture Exports

Exports in ECOWAS

In 2021, the amount of wooden furniture of a kind used in offices exported in ECOWAS contracted to X units, waning by -4.8% against the previous year's figure. Over the period under review, exports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 278% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, wooden office furniture exports reduced to $X in 2021. In general, exports continue to indicate a perceptible decline. The pace of growth was the most pronounced in 2013 with an increase of 482%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X units), Benin (X units) and Cote d'Ivoire (X units) represented the largest exporter of wooden furniture of a kind used in offices in ECOWAS, making up 73% of total export. Nigeria (X units) held a 9.7% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (6.2%). Guinea (X units) and Niger (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Burkina Faso (with a CAGR of +18.7%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X) emerged as the largest wooden office furniture supplier in ECOWAS, comprising 43% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 21% share of total exports. It was followed by Nigeria, with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal totaled +1.9%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+5.8% per year) and Nigeria (-1.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, flattening at the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 103% against the previous year. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Benin ($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 (+9.1%), while the other leaders experienced more modest paces of growth.

Wooden Office Furniture Imports

Imports in ECOWAS

In 2021, the amount of wooden furniture of a kind used in offices imported in ECOWAS soared to X units, picking up by 23% compared with the previous year. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -1.7% against 2017 indices. The pace of growth was the most pronounced in 2013 when imports increased by 49%. Over the period under review, imports attained the peak figure at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, wooden office furniture imports surged to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +9.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +46.3% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 42% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

The countries with the highest levels of wooden office furniture imports in 2021 were Cote d'Ivoire (X units), Ghana (X units) and Senegal (X units), together resulting at 67% of total import. It was distantly followed by Guinea (X units), creating a 5.4% share of total imports. Benin (X units), Gambia (X units), Mali (X units), Nigeria (X units), Sierra Leone (X units), Togo (X units), Burkina Faso (X units), Niger (X units) and Liberia (X units) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Gambia (with a CAGR of +23.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden office furniture importing markets in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X), with a combined 64% share of total imports. These countries were followed by Guinea, Sierra Leone, Gambia, Benin, Nigeria, Liberia, Mali, Burkina Faso, Niger and Togo, which together accounted for a further 34%.

Gambia, with a CAGR of +40.7%, recorded the highest growth rate of 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 unit, increasing by 15% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Sierra Leone ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+13.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform