ECOWAS: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in ECOWAS

The ECOWAS interchangeable spanner socket market expanded sharply to $X in 2022, surging by X% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Interchangeable Spanner Socket Production in ECOWAS

In value terms, interchangeable spanner socket production dropped slightly to $X in 2022 estimated in export price. Overall, production saw a buoyant increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Interchangeable Spanner Socket Exports

Exports in ECOWAS

In 2022, overseas shipments of interchangeable spanner sockets were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, interchangeable spanner socket exports surged to $X in 2022. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Burkina Faso (X kg), Cote d'Ivoire (X kg), Liberia (X kg), Niger (X kg), Senegal (X kg) and Ghana (X kg) represented roughly X% of total exports in 2022. It was distantly followed by Nigeria (X kg), creating a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X), Senegal ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

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

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports in ECOWAS

In 2022, approx. X tons of interchangeable spanner sockets were imported in ECOWAS; jumping by X% on 2021. Over the period under review, imports showed a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, interchangeable spanner socket imports rose sharply to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the three major importers of interchangeable spanner sockets, namely Nigeria, Ghana and Senegal, represented more than two-thirds of total import. Cote d'Ivoire (X tons) took the next position in the ranking, followed by Guinea (X tons). All these countries together held approx. X% share of total imports. The following importers - Benin (X tons) and Burkina Faso (X tons) - each finished at a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Senegal (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Nigeria, Guinea, Burkina Faso and Benin lagged somewhat behind, together accounting for a further X%.

Guinea, with a CAGR of X%, saw the highest rates of growth with regard to 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 2022, the import price in ECOWAS amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price showed a perceptible decline. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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