ECOWAS: Truck Market 2024

Truck Exports

Exports in ECOWAS

In 2022, overseas shipments of trucks increased by X% to X units, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, truck exports rose markedly to $X in 2022. Overall, exports, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Niger (X units) and Senegal (X units) were the major exporters of trucks in ECOWAS, together committing X% of total exports. It was distantly followed by Togo (X units), Cote d'Ivoire (X units), Mali (X units), Burkina Faso (X units) and Benin (X units), together generating a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Niger (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest truck supplying countries in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Togo ($X), with a combined X% share of total exports. Mali, Niger, Burkina Faso and Benin lagged somewhat behind, together comprising a further X%.

Niger, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among 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, falling by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2019 when the export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2020 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 Cote d'Ivoire ($X per unit), while Benin ($X per unit) was amongst the lowest.

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

Truck Imports

Imports in ECOWAS

Truck imports rose sharply to X units in 2022, increasing by X% on the previous year. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, truck imports expanded rapidly to $X in 2022. Over the period under review, imports, however, saw a perceptible decrease. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, amounting to X units, which was near X% of total imports in 2022. Ghana (X units) held the second position in the ranking, followed by Burkina Faso (X units), Cote d'Ivoire (X units) and Senegal (X units). All these countries together held near X% share of total imports. The following importers - Benin (X units) and Niger (X units) - each amounted to a X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%), Benin (X%), Senegal (X%), Cote d'Ivoire (X%) and Niger (X%) displayed positive paces of growth. Moreover, Burkina Faso 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. Nigeria (X p.p.), Burkina Faso (X p.p.), Cote d'Ivoire (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana 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, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Cote d'Ivoire, 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 unit, picking up by X% against the previous year. Overall, the import price, however, showed a pronounced descent. The growth pace was the most rapid in 2014 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the import price figures.

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Source: IndexBox Platform

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