ECOWAS: Wood Drilling Machine Market 2024

Wood Drilling Machine Market Size in ECOWAS

The ECOWAS wood drilling machine market reduced to $X in 2023, remaining stable against the previous year. The total consumption indicated a noticeable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. As a result, consumption attained the peak level of $X. From 2021 to 2023, the growth of the market failed to regain momentum.

Wood Drilling Machine Production in ECOWAS

In value terms, wood drilling machine production stood at $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Wood Drilling Machine Exports

Exports in ECOWAS

In 2023, the amount of drilling or morticing machines exported in ECOWAS fell markedly to X units, with a decrease of X% compared with 2022. In general, exports showed a dramatic setback. The pace of growth was the most pronounced in 2021 with an increase of X,433%. As a result, the exports reached the peak of X units. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, wood drilling machine exports fell sharply to $X in 2023. Overall, exports faced a significant decline. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

In 2023, Ghana (X units) was the major exporter of drilling or morticing machines in ECOWAS, generating X% of total export.

Ghana was also the fastest-growing in terms of the drilling or morticing machines exports, with a CAGR of X% from 2012 to 2023. 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) also remains the largest wood drilling machine supplier in ECOWAS.

From 2012 to 2023, the average annual rate of growth in terms of value in Ghana amounted to X%.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2023, waning by X% against the previous year. Over the period under review, the export price, however, posted a notable increase. The pace of growth appeared the most rapid in 2022 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2023, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Ghana.

From 2012 to 2023, the rate of growth in terms of prices for Ghana amounted to X% per year.

Wood Drilling Machine Imports

Imports in ECOWAS

In 2023, supplies from abroad of drilling or morticing machines decreased by X% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, saw a buoyant increase. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The volume of import peaked at X units in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, wood drilling machine imports dropped sharply to $X in 2023. Overall, imports, however, posted buoyant growth. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, accounting for X units, which was approx. X% of total imports in 2023. It was distantly followed by Senegal (X units), mixing up a X% share of total imports. Ghana (X units), Cote d'Ivoire (X units), Cabo Verde (X units) and Gambia (X units) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%), Gambia (X%), Senegal (X%), Cabo Verde (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2023, 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 ($X) constitutes the largest market for imported drilling or morticing machines in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, wood drilling machine imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2023, surging by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight descent. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform