Western Africa: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Western Africa

The West African conveyor or transmission belt market soared to $X in 2021, rising by 21% against the previous year. The market value increased at an average annual rate of +3.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is likely to see steady growth in the near future.

Production of Conveyor Or Transmission Belts Or Belting in Western Africa

In value terms, conveyor or transmission belt production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 42% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports in Western Africa

In 2021, the amount of conveyor or transmission belts or belting exported in Western Africa soared to X tons, increasing by 74% on the previous year's figure. In general, exports showed a notable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 103%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, conveyor or transmission belt exports surged to $X in 2021. Total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.2% against 2019 indices. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Nigeria (X tons), distantly followed by Burkina Faso (X tons), Ghana (X tons) and Cote d'Ivoire (X tons) represented the major exporters of conveyor or transmission belts or belting, together committing 93% of total exports. Guinea (X tons) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Burkina Faso (with a CAGR of +71.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest conveyor or transmission belt supplying countries in Western Africa were Burkina Faso ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined 69% share of total exports.

Among the main exporting countries, Burkina Faso, with a CAGR of +61.9%, recorded the highest growth rate of 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 ton in 2021, shrinking by -10.9% against the previous year. Over the period under review, the export price showed a pronounced descent. The growth pace was the most rapid in 2020 an increase of 44% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Ghana ($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 (+7.7%), while the other leaders experienced a decline in the export price figures.

Imports of Conveyor Or Transmission Belts Or Belting

Imports in Western Africa

After five years of growth, overseas purchases of conveyor or transmission belts or belting decreased by -3.3% to X tons in 2021. In general, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 36% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, conveyor or transmission belt imports expanded to $X in 2021. Total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +91.8% against 2015 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 21%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons), distantly followed by Ghana (X tons), Guinea (X tons), Mauritania (X tons) and Cote d'Ivoire (X tons) represented the key importers of conveyor or transmission belts or belting, together constituting 86% of total imports. The following importers - Senegal (X tons) and Burkina Faso (X tons) - each amounted to a 6.1% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +13.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Guinea ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 58% of total imports.

In terms of the main importing countries, Guinea, with a CAGR of +10.7%, saw the highest rates of growth with regard to the value of imports, 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 Western Africa amounted to $X per ton, rising by 6.4% against the previous year. In general, the import price, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2014 an increase of 37%. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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