ECOWAS: Wood Drilling Machine Market 2024

Wood Drilling Machine Market Size in ECOWAS

In 2022, after seven years of growth, there was significant decline in the ECOWAS wood drilling machine market, when its value decreased by X% to $X. In general, consumption, however, recorded a temperate increase. The level of consumption peaked at $X in 2021, and then reduced remarkably in the following year.

Wood Drilling Machine Production in ECOWAS

In value terms, wood drilling machine production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Wood Drilling Machine Exports

Exports in ECOWAS

In 2022, overseas shipments of drilling or morticing machines increased by X% to X units, rising for the second year in a row after two years of decline. Overall, exports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2021 when exports increased by X%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wood drilling machine exports reduced slightly to $X in 2022. In general, exports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana dominates exports structure, resulting at X units, which was approx. X% of total exports in 2022. It was distantly followed by Nigeria (X units), creating a X% share of total exports.

Ghana was also the fastest-growing in terms of the drilling or morticing machines exports, with a CAGR of X% from 2012 to 2022. Nigeria (X%) illustrated a downward trend over the same period. Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest wood drilling machine supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports.

In Ghana, wood drilling machine exports shrank by an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with a decrease of X% against the previous year. Over the period under review, the export price, however, recorded a modest increase. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Nigeria stood at $X per unit.

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

Wood Drilling Machine Imports

Imports in ECOWAS

In 2022, after eight years of growth, there was significant decline in supplies from abroad of drilling or morticing machines, when their volume decreased by X% to X units. Overall, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2021, and then shrank significantly in the following year.

In value terms, wood drilling machine imports declined notably to $X in 2022. In general, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2020 with an increase of X%. The level of import peaked at $X in 2021, and then shrank significantly in the following year.

Imports by Country

Nigeria prevails in imports structure, recording X units, which was approx. X% of total imports in 2022. Cabo Verde (X units), Ghana (X units), Togo (X units) and Burkina Faso (X units) took a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%), Cabo Verde (X%), Burkina Faso (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Togo 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.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported drilling or morticing machines in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Cabo Verde ($X), with a X% share of total imports. It was followed by Togo, with a X% share.

In Nigeria, wood drilling machine imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cabo Verde (X% per year) and Togo (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, rising by X% against the previous year. In general, the import price, however, recorded a noticeable slump. The pace of growth appeared the most rapid in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2016; however, from 2017 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 Togo ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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