Western Africa: Boring Machinery Market 2024

Boring Machinery Market Size in Western Africa

The West African boring machinery market fell modestly to $X in 2022, dropping by -3% against the previous year. Over the period under review, consumption, however, enjoyed a noticeable increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Boring Machinery Production in Western Africa

In value terms, boring machinery production reduced to $X in 2022 estimated in export price. The total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 35% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Boring Machinery Exports

Exports in Western Africa

In 2022, approx. X units of boring or sinking machinery were exported in Western Africa; dropping by -20% compared with 2021 figures. Over the period under review, exports showed a pronounced descent. The pace of growth was the most pronounced in 2018 with an increase of 74%. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, boring machinery exports contracted to $X in 2022. In general, exports saw a abrupt slump. The growth pace was the most rapid in 2019 when exports increased by 38% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire was the main exporting country with an export of around X units, which reached 31% of total exports. Burkina Faso (X units) held the second position in the ranking, followed by Nigeria (X units), Mali (X units), Ghana (X units) and Niger (X units). All these countries together took approx. 59% share of total exports. Guinea (X units) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to boring machinery exports from Cote d'Ivoire stood at +15.7%. At the same time, Nigeria (+29.2%), Guinea (+23.1%) and Mali (+14.9%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +29.2% from 2012-2022. By contrast, Ghana (-2.4%), Niger (-3.8%) and Burkina Faso (-12.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Nigeria, Mali and Guinea increased by +25, +13, +9.9 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, with a combined 74% share of total exports. Mali, Nigeria, Guinea and Niger lagged somewhat behind, together comprising a further 21%.

Among the main exporting countries, Guinea, with a CAGR of +20.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, rising by 9.6% against the previous year. In general, the export price, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 an increase of 76% against the previous year. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, 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 Burkina Faso ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+4.7%), while the other leaders experienced a decline in the export price figures.

Boring Machinery Imports

Imports in Western Africa

In 2022, the amount of boring or sinking machinery imported in Western Africa reduced to X units, which is down by -7.6% on 2021 figures. Over the period under review, imports, however, posted measured growth. The most prominent rate of growth was recorded in 2019 when imports increased by 358%. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, boring machinery imports reduced rapidly to $X in 2022. In general, imports showed a abrupt descent. The pace of growth was the most pronounced in 2019 when imports increased by 82% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X units, which was near 73% of total imports in 2022. Burkina Faso (X units) held a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (5.7%). Ghana (X units), Cote d'Ivoire (X units), Niger (X units) and Mali (X units) took a little share of total imports.

Nigeria was also the fastest-growing in terms of the boring or sinking machinery imports, with a CAGR of +14.6% from 2012 to 2022. At the same time, Burkina Faso (+6.4%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Niger (-5.9%), Ghana (-6.8%), Cote d'Ivoire (-7.4%) and Mali (-15.8%) illustrated a downward trend over the same period. While the share of Nigeria (+48 p.p.) and Burkina Faso (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-1.8 p.p.), Niger (-3.8 p.p.), Cote d'Ivoire (-5.9 p.p.), Ghana (-6.3 p.p.) and Mali (-11.6 p.p.) displayed negative dynamics.

In value terms, the largest boring machinery importing markets in Western Africa were Burkina Faso ($X), Ghana ($X) and Nigeria ($X), together accounting for 60% of total imports.

Burkina Faso, with a CAGR of +6.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, declining by -26.8% against the previous year. In general, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2021 an increase of 25% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, 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 Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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