Western Africa: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in Western Africa

In 2022, the West African machine-tool for drilling market decreased by -8.2% to $X, falling for the second year in a row after three years of growth. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Machine-Tool For Drilling Production in Western Africa

In value terms, machine-tool for drilling production fell to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 149% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Machine-Tool For Drilling Exports

Exports in Western Africa

In 2022, machine-tool for drilling exports in Western Africa soared to X units, rising by 2,239% on 2021 figures. Over the period under review, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2015 when exports increased by 7,695% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, machine-tool for drilling exports dropped markedly to $X in 2022. In general, exports, however, continue to indicate a abrupt contraction. The growth pace was the most rapid in 2013 with an increase of 300% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Mali prevails in exports structure, recording X units, which was approx. 93% of total exports in 2022. It was distantly followed by Ghana (X units), comprising a 4.5% share of total exports. Togo (X units) followed a long way behind the leaders.

Mali experienced a relatively flat trend pattern with regard to volume of exports of machine-tools for drilling, boring or milling metal. At the same time, Togo (+22.5%) and Ghana (+5.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +22.5% from 2012-2022. While the share of Mali (+93 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-27.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Togo ($X) and Mali ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 30% of total exports.

Among the main exporting countries, Togo, with a CAGR of +19.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, which is down by -96.4% against the previous year. Over the period under review, the export price faced a sharp shrinkage. The most prominent rate of growth was recorded in 2016 when the export price increased by 15,571%. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-2.5%).

Machine-Tool For Drilling Imports

Imports in Western Africa

Machine-tool for drilling imports surged to X units in 2022, rising by 28% compared with the previous year. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 2,717%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, machine-tool for drilling imports declined modestly to $X in 2022. In general, imports recorded a perceptible increase. The pace of growth was the most pronounced in 2020 when imports increased by 110%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria was the largest importer of machine-tools for drilling, boring or milling metal in Western Africa, with the volume of imports finishing at X units, which was approx. 62% of total imports in 2022. It was distantly followed by Ghana (X units), Burkina Faso (X units) and Senegal (X units), together constituting a 24% share of total imports. Benin (X units), Cote d'Ivoire (X units) and Sierra Leone (X units) took a little share of total imports.

Imports into Nigeria decreased at an average annual rate of -2.0% from 2012 to 2022. At the same time, Senegal (+29.2%), Benin (+15.3%), Cote d'Ivoire (+9.5%), Sierra Leone (+8.5%) and Burkina Faso (+4.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +29.2% from 2012-2022. By contrast, Ghana (-4.2%) illustrated a downward trend over the same period. While the share of Senegal (+5 p.p.), Burkina Faso (+2.9 p.p.), Benin (+2.9 p.p.) and Cote d'Ivoire (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-4.6 p.p.) and Nigeria (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported machine-tools for drilling, boring or milling metal in Western Africa, comprising 61% of total imports. The second position in the ranking was taken by Ghana ($X), with a 20% share of total imports. It was followed by Cote d'Ivoire, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +1.9%. In the other countries, the average annual rates were as follows: Ghana (+2.9% per year) and Cote d'Ivoire (+5.0% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, falling by -24.2% against the previous year. In general, the import price, however, recorded a notable increase. The pace of growth was the most pronounced in 2016 when the import price increased by 2,037% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2021, and then plummeted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+7.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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