ECOWAS: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in ECOWAS

The ECOWAS interchangeable tool market expanded to $X in 2022, rising by X% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Interchangeable Tool Production in ECOWAS

In value terms, interchangeable tool production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Interchangeable Tool Exports

Exports in ECOWAS

Interchangeable tool exports fell to X tons in 2022, shrinking by X% compared with the previous year. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, interchangeable tool exports declined remarkably to $X in 2022. Overall, exports recorded a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal represented the key exporter of interchangeable tools for hand tools in ECOWAS, with the volume of exports amounting to X tons, which was near X% of total exports in 2022. Cote d'Ivoire (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (X%), Benin (X%), Ghana (X%) and Burkina Faso (X%). Togo (X tons) took a minor share of total exports.

Exports from Senegal decreased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%), Burkina Faso (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%), Ghana (X%) and Togo (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Benin, Cote d'Ivoire, Burkina Faso and Togo increased by X, X, X, X and X percentage points, respectively.

In value terms, Nigeria ($X), Burkina Faso ($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%, recorded 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

In 2022, the export price in ECOWAS amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the export price, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Senegal ($X per ton) 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 more modest paces of growth.

Interchangeable Tool Imports

Imports in ECOWAS

In 2022, purchases abroad of interchangeable tools for hand tools increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, interchangeable tool imports stood at $X in 2022. Overall, imports, however, saw a mild setback. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons), Senegal (X tons), Cote d'Ivoire (X tons), Mali (X tons), Niger (X tons) and Burkina Faso (X tons) represented the key importer of interchangeable tools for hand tools in ECOWAS, creating X% of total import.

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

In value terms, Ghana ($X), Nigeria ($X) and Niger ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports.

Among the main importing countries, Niger, 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 ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2020 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Niger ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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