Western Africa: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in Western Africa

In 2021, the West African machine-tool for working wood market decreased by -13.4% to $X for the first time since 2015, thus ending a five-year rising trend. Over the period under review, consumption, however, enjoyed a significant increase. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Production of Machine-Tools For Working Wood in Western Africa

In value terms, machine-tool for working wood production fell to $X in 2021 estimated in export price. Overall, production recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 103%. The level of production peaked at $X in 2020, and then fell in the following year.

Exports of Machine-Tools For Working Wood

Exports in Western Africa

After two years of decline, overseas shipments of machine-tools for working wood increased by 53% to X tons in 2021. Over the period under review, exports, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2015 when exports increased by 134%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, machine-tool for working wood exports reduced dramatically to $X in 2021. In general, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 with an increase of 64% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Ghana dominates exports structure, finishing at X tons, which was near 72% of total exports in 2021. It was distantly followed by Sierra Leone (X tons) and Cote d'Ivoire (X tons), together making up a 17% share of total exports. The following exporters - Cabo Verde (X tons), Mali (X tons) and Nigeria (X tons) - together made up 8% of total exports.

Exports from Ghana increased at an average annual rate of +13.5% from 2012 to 2021. At the same time, Cabo Verde (+25.8%) and Sierra Leone (+15.1%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +25.8% from 2012-2021. By contrast, Mali (-4.6%), Cote d'Ivoire (-17.3%) and Nigeria (-26.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Sierra Leone and Cabo Verde increased by +54, +7.1 and +3.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Sierra Leone ($X) and Ghana ($X) were the countries with the highest levels of exports in 2021, with a combined 73% share of total exports. Cabo Verde, Nigeria and Mali lagged somewhat behind, together accounting for a further 21%.

Among the main exporting countries, Cabo Verde, with a CAGR of +20.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, falling by -52.1% against the previous year. Overall, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2016 an increase of 47%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+17.4%), while the other leaders experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports in Western Africa

In 2021, overseas purchases of machine-tools for working wood decreased by -13.2% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 349%. Over the period under review, imports reached the peak figure at X tons in 2020, and then reduced in the following year.

In value terms, machine-tool for working wood imports contracted to $X in 2021. Over the period under review, imports, however, saw a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 100% against the previous year. The level of import peaked at $X in 2020, and then shrank in the following year.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 93% of total imports in 2021. Ghana (X tons) and Cote d'Ivoire (X tons) took a little share of total imports.

Nigeria was also the fastest-growing in terms of the machine-tools for working wood imports, with a CAGR of +45.0% from 2012 to 2021. At the same time, Cote d'Ivoire (+15.4%) and Ghana (+6.4%) displayed positive paces of growth. From 2012 to 2021, the share of Nigeria increased by +46 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported machine-tools for working wood in Western Africa, comprising 85% of total imports. The second position in the ranking was taken by Ghana ($X), with a 6.9% share of total imports.

In Nigeria, machine-tool for working wood imports increased at an average annual rate of +35.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+10.0% per year) and Cote d'Ivoire (+9.1% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. In general, the import price recorded a deep slump. The pace of growth was the most pronounced in 2014 an increase of 40% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, 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 ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+3.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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