Western Africa: Loading Machinery Market 2024

Loading Machinery Market Size in Western Africa

The West African loading machinery market expanded rapidly to $X in 2022, increasing by 7% against the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.8% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Loading Machinery Production in Western Africa

In value terms, loading machinery production totaled $X in 2022 estimated in export price. The total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% 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 -4.9% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 40%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Loading Machinery Exports

Exports in Western Africa

In 2022, approx. X units of lifting, handling, loading or unloading machinery were exported in Western Africa; growing by 14% on 2021. Over the period under review, exports saw prominent growth. The most prominent rate of growth was recorded in 2013 when exports increased by 153%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, loading machinery exports stood at $X in 2022. Overall, exports posted a buoyant expansion. The pace of growth was the most pronounced in 2015 with an increase of 199% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana dominates exports structure, finishing at X units, which was near 66% of total exports in 2022. Cote d'Ivoire (X units) ranks second in terms of the total exports with a 9.1% share, followed by Burkina Faso (7.8%), Senegal (5.6%) and Cabo Verde (5.1%). Sierra Leone (X units) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +26.2% from 2012 to 2022. At the same time, Burkina Faso (+34.0%), Cote d'Ivoire (+29.0%), Cabo Verde (+26.7%), Senegal (+8.7%) and Sierra Leone (+3.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +34.0% from 2012-2022. While the share of Ghana (+38 p.p.), Cote d'Ivoire (+6 p.p.), Burkina Faso (+6 p.p.) and Cabo Verde (+3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-4.9 p.p.) and Sierra Leone (-5.7 p.p.) displayed negative dynamics.

In value terms, Ghana ($X), Senegal ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 59% of total exports.

Burkina Faso, with a CAGR of +35.9%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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, with a decrease of -11.8% against the previous year. In general, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 when the export price increased by 80%. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, 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 Cabo Verde ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+8.8%), while the other leaders experienced mixed trends in the export price figures.

Loading Machinery Imports

Imports in Western Africa

In 2022, the amount of lifting, handling, loading or unloading machinery imported in Western Africa skyrocketed to X units, rising by 26% compared with the previous year. In general, imports continue to indicate noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of 78%. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, loading machinery imports surged to $X in 2022. Over the period under review, imports posted a mild increase. The growth pace was the most rapid in 2018 with an increase of 71%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X units) was the major importer of lifting, handling, loading or unloading machinery, constituting 46% of total imports. It was distantly followed by Cote d'Ivoire (X units), Senegal (X units), Ghana (X units) and Guinea (X units), together making up a 39% share of total imports. Liberia (X units) and Mali (X units) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +2.5% from 2012 to 2022. At the same time, Guinea (+36.6%), Senegal (+19.5%), Cote d'Ivoire (+15.1%), Mali (+12.2%) and Liberia (+8.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +36.6% from 2012-2022. By contrast, Ghana (-7.3%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+9.9 p.p.), Senegal (+7.9 p.p.), Guinea (+4.4 p.p.) and Liberia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-16.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported lifting, handling, loading or unloading machinery in Western Africa, comprising 44% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Ghana, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.4% per year) and Ghana (-5.2% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, growing by 2.8% against the previous year. Overall, the import price, however, showed a slight descent. The most prominent rate of growth was recorded in 2021 an increase of 15%. The level of import peaked at $X per unit in 2015; however, from 2016 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 ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+4.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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