ECOWAS: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in ECOWAS

The ECOWAS machinery electrical parts market dropped modestly to $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption recorded a resilient expansion. The level of consumption peaked at $X in 2021, and then contracted modestly in the following year.

Machinery Electrical Parts Production in ECOWAS

In value terms, machinery electrical parts production rose modestly to $X in 2022 estimated in export price. Overall, production saw a remarkable increase. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Machinery Electrical Parts Exports

Exports in ECOWAS

In 2022, the amount of electrical parts of machinery or apparatus exported in ECOWAS surged to X tons, rising by X% on the year before. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, machinery electrical parts exports declined markedly to $X in 2022. Over the period under review, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined significantly in the following year.

Exports by Country

Burkina Faso was the largest exporting country with an export of about X tons, which amounted to X% of total exports. Benin (X tons) ranks second in terms of the total exports with a X% share, followed by Togo (X%). Nigeria (X tons) and Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to machinery electrical parts exports from Burkina Faso stood at X%. At the same time, Nigeria (X%), Togo (X%), Benin (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Burkina Faso, Benin, Togo and Nigeria increased by X, X, X and X percentage points, respectively.

In value terms, Burkina Faso ($X), Nigeria ($X) and Togo ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Among the main exporting countries, Togo, with a CAGR of X%, 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 ECOWAS stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the export price recorded a deep slump. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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

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

Machinery Electrical Parts Imports

Imports in ECOWAS

In 2022, imports of electrical parts of machinery or apparatus in ECOWAS fell markedly to X tons, with a decrease of X% compared with 2021. Overall, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, machinery electrical parts imports shrank notably to $X in 2022. Over the period under review, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was near X% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with an X% share, followed by Guinea (X%) and Niger (X%). Liberia (X tons), Ghana (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to machinery electrical parts imports into Nigeria stood at X%. At the same time, Niger (X%), Liberia (X%), Guinea (X%), Senegal (X%), Ghana (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Nigeria (X p.p.), Niger (X p.p.), Liberia (X p.p.), Guinea (X p.p.) and Burkina Faso (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (X p.p.) and Senegal (X p.p.) displayed negative dynamics.

In value terms, Niger ($X), Nigeria ($X) and Ghana ($X) were the countries with the highest levels of imports in 2022, together comprising X% of total imports.

Among the main importing countries, Niger, with a CAGR of X%, recorded 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 2022, the import price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price showed a abrupt contraction. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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