ECOWAS: Agricultural Harvester Market 2024

Agricultural Harvester Market Size in ECOWAS

For the fourth consecutive year, the ECOWAS agricultural harvester market recorded growth in sales value, which increased by X% to $X in 2023. Over the period under review, consumption saw a remarkable increase. Over the period under review, the market attained the peak level in 2023 and is likely to see steady growth in years to come.

Agricultural Harvester Production in ECOWAS

In value terms, agricultural harvester production rose significantly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Agricultural Harvester Exports

Exports in ECOWAS

In 2023, after seven years of growth, there was significant decline in overseas shipments of agricultural harvesters, when their volume decreased by X% to X units. In general, exports, however, showed a notable expansion. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2023, the growth of the exports failed to regain momentum.

In value terms, agricultural harvester exports contracted to $X in 2023. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports reached the peak of $X. From 2021 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Senegal prevails in exports structure, resulting at X units, which was near X% of total exports in 2023. It was distantly followed by Ghana (X units), mixing up an X% share of total exports. The following exporters - Mali (X units) and Burkina Faso (X units) - each reached a X% share of total exports.

Senegal was also the fastest-growing in terms of the agricultural harvesters exports, with a CAGR of X% from 2012 to 2023. Ghana (X%), Burkina Faso (X%) and Mali (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Burkina Faso (X p.p.), Ghana (X p.p.) and Mali (X p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest agricultural harvester supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports. It was followed by Burkina Faso, with a X% share.

In Senegal, agricultural harvester exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2023, which is down by X% against the previous year. Over the period under review, the export price continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2023, the export prices remained at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced more modest paces of growth.

Agricultural Harvester Imports

Imports in ECOWAS

In 2023, overseas purchases of agricultural harvesters increased by X% to X units, rising for the seventh year in a row after two years of decline. In general, imports showed a strong increase. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see gradual growth in the near future.

In value terms, agricultural harvester imports dropped dramatically to $X in 2023. Over the period under review, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports hit record highs at $X in 2022, and then declined sharply in the following year.

Imports by Country

In 2023, Ghana (X units) and Nigeria (X units) represented the largest importers of agricultural harvesters in ECOWAS, together finishing at approx. X% of total imports. Benin (X units) ranks next in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%). Senegal (X units), Guinea (X units) and Mali (X units) held a little share of total imports.

From 2012 to 2023, the biggest increases were recorded for Benin (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural harvester importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Senegal, Benin, Guinea and Mali lagged somewhat behind, together comprising a further X%.

Benin, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per unit, shrinking by X% against the previous year. In general, the import price saw a abrupt decline. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, import prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2023, 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 Senegal ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Benin (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform