Western Africa: Market for Machine Tools For Working Metal 2024

Market Size for Machine Tools For Working Metal in Western Africa

For the third year in a row, the West African machine-tool for working metal market recorded growth in sales value, which increased by 9.2% to $X in 2021. Over the period under review, consumption showed strong growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Production of Machine Tools For Working Metal in Western Africa

In value terms, machine-tool for working metal production shrank to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 23% against the previous year. The level of production peaked at $X in 2020, and then fell modestly in the following year.

Exports of Machine Tools For Working Metal

Exports in Western Africa

In 2021, after four years of growth, there was significant decline in overseas shipments of machine tools for working metal, when their volume decreased by -20.4% to X units. Over the period under review, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2015 when exports increased by 43% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, machine-tool for working metal exports contracted markedly to $X in 2021. In general, exports continue to indicate a pronounced contraction. The growth pace was the most rapid in 2020 with an increase of 80% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Mali was the main exporter of machine tools for working metal in Western Africa, with the volume of exports accounting for X units, which was near 45% of total exports in 2021. Cote d'Ivoire (X units) ranks second in terms of the total exports with a 13% share, followed by Niger (11%), Nigeria (8.9%), Cabo Verde (7.6%) and Senegal (4.7%). Ghana (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to machine-tool for working metal exports from Mali stood at +27.9%. At the same time, Niger (+60.9%), Nigeria (+22.0%), Senegal (+8.0%) and Cote d'Ivoire (+5.5%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +60.9% from 2012-2021. Cabo Verde experienced a relatively flat trend pattern. By contrast, Ghana (-13.6%) illustrated a downward trend over the same period. While the share of Mali (+42 p.p.), Niger (+11 p.p.), Cote d'Ivoire (+8.6 p.p.), Nigeria (+8 p.p.), Senegal (+3.3 p.p.) and Cabo Verde (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-3.3 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest machine-tool for working metal supplier in Western Africa, comprising 48% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total exports. It was followed by Senegal, with an 8.7% share.

In Nigeria, machine-tool for working metal exports increased at an average annual rate of +51.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+6.5% per year) and Senegal (+11.9% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2021, dropping by -26% against the previous year. Export price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, machine-tool for working metal export price increased by +70.6% against 2017 indices. The pace of growth appeared the most rapid in 2013 an increase of 70%. Over the period under review, the export prices hit record highs at $X per unit in 2020, and then shrank rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Nigeria ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+32.0%), while the other leaders experienced more modest paces of growth.

Imports of Machine Tools For Working Metal

Imports in Western Africa

In 2021, machine-tool for working metal imports in Western Africa skyrocketed to X units, jumping by 20% compared with 2020. In general, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 174%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, machine-tool for working metal imports expanded modestly to $X in 2021. Over the period under review, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 195% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, reaching X units, which was approx. 79% of total imports in 2021. It was distantly followed by Senegal (X units) and Ghana (X units), together achieving an 11% share of total imports. The following importers - Togo (X units), Guinea (X units) and Cote d'Ivoire (X units) - each resulted at a 5.7% share of total imports.

Imports into Nigeria increased at an average annual rate of +17.9% from 2012 to 2021. At the same time, Guinea (+29.1%), Togo (+26.5%) and Senegal (+7.2%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +29.1% from 2012-2021. Ghana experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-4.7%) illustrated a downward trend over the same period. Nigeria (+24 p.p.) significantly strengthened its position in terms of the total imports, while Senegal, Cote d'Ivoire and Ghana saw its share reduced by -3.8%, -6% and -10.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported machine tools for working metal in Western Africa, comprising 75% of total imports. The second position in the ranking was held by Ghana ($X), with a 9% share of total imports. It was followed by Senegal, with a 3.2% share.

In Nigeria, machine-tool for working metal imports expanded at an average annual rate of +13.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+7.0% per year) and Senegal (+3.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2021, shrinking by -13% against the previous year. In general, the import price saw a mild shrinkage. The most prominent rate of growth was recorded in 2018 when the import price increased by 65%. Over the period under review, import prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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