Western Africa: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Western Africa

In 2023, the West African machinery electrical parts market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a strong increase. The level of consumption peaked at $X in 2017; however, from 2018 to 2023, consumption stood at a somewhat lower figure.

Machinery Electrical Parts Production in Western Africa

In value terms, machinery electrical parts production totaled $X in 2023 estimated in export price. Over the period under review, production, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports in Western Africa

In 2023, approx. X tons of electrical parts of machinery or apparatus were exported in Western Africa; picking up by X% on the year before. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, machinery electrical parts exports expanded rapidly to $X in 2023. Over the period under review, exports showed a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Togo represented the main exporter of electrical parts of machinery or apparatus in Western Africa, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2023. It was distantly followed by Nigeria (X tons), mixing up a X% share of total exports. Senegal (X tons) took a relatively small share of total exports.

Togo was also the fastest-growing in terms of the electrical parts of machinery or apparatus exports, with a CAGR of X% from 2012 to 2023. At the same time, Nigeria (X%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. Togo (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Nigeria ($X) remains the largest machinery electrical parts supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with a X% share of total exports.

In Nigeria, machinery electrical parts exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Machinery Electrical Parts Imports

Imports in Western Africa

In 2023, overseas purchases of electrical parts of machinery or apparatus increased by X% to X tons, rising for the fifth consecutive year after two years of decline. In general, imports enjoyed strong growth. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2023 and are expected to retain growth in the near future.

In value terms, machinery electrical parts imports soared to $X in 2023. Over the period under review, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria was the main importing country with an import of about X tons, which amounted to X% of total imports. It was distantly followed by Ghana (X tons) and Senegal (X tons), together making up a X% share of total imports. Guinea (X tons) and Niger (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to machinery electrical parts imports into Nigeria stood at X%. At the same time, Ghana (X%), Niger (X%), Guinea (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.), Ghana (X p.p.) and Guinea (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Senegal (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 Niger ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Among the main importing countries, Ghana, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2023, the import price in Western Africa amounted to $X per ton, growing by X% against the previous year. In general, the import price, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, 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