ECOWAS: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2024

Exports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Exports in ECOWAS

After three years of growth, shipments abroad of fork-lift trucks and other industrial works trucks and tractors decreased by X% to X units in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports of reached the peak figure at X units in 2021, and then contracted sharply in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors rose slightly to $X in 2022. Over the period under review, exports recorded a pronounced contraction. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Sierra Leone dominates tractors structure, recording X units, which was near X% of total exports in 2022. The following exporters - Senegal (X units) and Cote d'Ivoire (X units) - each accounted for a X% share of total exports.

Sierra Leone was also the fastest-growing in terms of the fork-lift trucks and other industrial works trucks and tractors exports, with a CAGR of X% from 2012 to 2022. At the same time, Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. While the share of Sierra Leone (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (X p.p.) and Cote d'Ivoire (X p.p.) displayed negative dynamics.

In value terms, the largest forklift truck and industrial works truck supplying countries in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Sierra Leone ($X), with a combined X% share of total exports.

Among the main exporting countries, Sierra Leone, 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 mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, jumping by X% against the previous year. Overall, the export price, however, recorded a dramatic contraction. The growth pace was the most rapid in 2018 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 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 Senegal ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

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

Imports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Imports in ECOWAS

In 2022, purchases abroad of fork-lift trucks and other industrial works trucks and tractors decreased by X% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports attained the peak of X units, and then fell rapidly in the following year.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors reduced sharply to $X in 2022. In general, imports, however, showed a tangible expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then reduced notably in the following year.

Imports by Country

Nigeria was the main importer of fork-lift trucks and other industrial works trucks and tractors in ECOWAS, with the volume of imports amounting to X units, which was approx. X% of total imports in 2022. Ghana (X units) took the second position in the ranking, followed by Burkina Faso (X units), Cote d'Ivoire (X units), Senegal (X units) and Togo (X units). All these countries together held approx. X% share of total imports. Guinea (X units) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%), Senegal (X%), Togo (X%), Guinea (X%), Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Burkina Faso, Senegal and Togo increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported fork-lift trucks and other industrial works trucks and tractors in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, picking up by X% against the previous year. Over the period under review, the import price, however, recorded a deep slump. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, 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 Cote d'Ivoire ($X per unit), while Togo ($X per unit) was amongst the lowest.

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

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Source: IndexBox Platform

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