ECOWAS: Measuring Instrument Market 2024

Measuring Instrument Market Size in ECOWAS

The ECOWAS measuring instrument market shrank notably to $X in 2022, reducing by X% against the previous year. Overall, consumption, however, continues to indicate measured growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Measuring Instrument Production in ECOWAS

In value terms, measuring instrument production reduced to $X in 2022 estimated in export price. Overall, production recorded a mild slump. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Measuring Instrument Exports

Exports in ECOWAS

In 2022, measuring instrument exports in ECOWAS fell to X units, declining by X% on 2021. Overall, exports showed a slight shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2021, and then reduced in the following year.

In value terms, measuring instrument exports reached $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria represented the largest exporting country with an export of around X units, which reached X% of total exports. Ghana (X units) ranks second in terms of the total exports with a X% share, followed by Cote d'Ivoire (X%) and Senegal (X%). The following exporters - Niger (X units) and Guinea (X units) - each amounted to a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to measuring instrument exports from Nigeria stood at X%. At the same time, Ghana (X%), Senegal (X%), Niger (X%), Guinea (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Ghana (X p.p.), Cote d'Ivoire (X p.p.), Senegal (X p.p.) and Niger (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest measuring instrument supplying countries in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined X% share of total exports.

Ghana, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, jumping by X% against the previous year. In general, the export price enjoyed a modest expansion. The pace of growth appeared the most rapid in 2013 when the export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2014 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 ($X per unit), while Niger ($X per unit) 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 mixed trends in the export price figures.

Measuring Instrument Imports

Imports in ECOWAS

In 2022, measuring instrument imports in ECOWAS fell rapidly to X units, with a decrease of X% against 2021. Overall, imports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2015 when imports increased by X%. The volume of import peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, measuring instrument imports declined to $X in 2022. Over the period under review, imports, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria represented the largest importer of instruments and apparatus for measuring or checking the flow or level of liquids in ECOWAS, with the volume of imports accounting for X units, which was near X% of total imports in 2022. Burkina Faso (X units) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%). The following importers - Ghana (X units), Senegal (X units) and Togo (X units) - together made up X% of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%), Burkina Faso (X%), Senegal (X%) and Cote d'Ivoire (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. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.), Senegal (X p.p.), Cote d'Ivoire (X p.p.) and Togo (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 ($X), Ghana ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Senegal, Burkina Faso and Togo lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Togo, with a CAGR of X%, recorded the highest growth rate of 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

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, showed a abrupt downturn. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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