Western Africa: Semi-Manufactured Silver Market 2024

Semi-Manufactured Silver Market Size in Western Africa

The West African semi-manufactured silver market expanded sharply to $X in 2023, growing by X% against the previous year. Over the period under review, consumption enjoyed a strong increase. Over the period under review, the market attained the peak level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Semi-Manufactured Silver Production in Western Africa

In value terms, semi-manufactured silver production skyrocketed to $X in 2023 estimated in export price. Overall, production showed prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Semi-Manufactured Silver Exports

Exports in Western Africa

In 2023, approx. X tons of silver in semi-manufactured forms were exported in Western Africa; reducing by X% compared with the year before. Overall, exports showed a slight shrinkage. The growth pace was the most rapid in 2014 with an increase of X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2023, the exports remained at a lower figure.

In value terms, semi-manufactured silver exports expanded significantly to $X in 2023. Over the period under review, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Burkina Faso (X tons), together amounting to X% of total export.

Burkina Faso was also the fastest-growing in terms of the silver in semi-manufactured forms exports, with a CAGR of X% from 2012 to 2023. Burkina Faso (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) also remains the largest semi-manufactured silver supplier in Western Africa.

From 2012 to 2023, the average annual growth rate of value in Burkina Faso amounted to X%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, surging by X% against the previous year. Overall, the export price recorded a significant increase. The growth pace was the most rapid in 2015 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2023, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Burkina Faso.

From 2012 to 2023, the rate of growth in terms of prices for Burkina Faso amounted to X% per year.

Semi-Manufactured Silver Imports

Imports in Western Africa

In 2023, overseas purchases of silver in semi-manufactured forms decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. In general, imports continue to indicate a slight slump. The pace of growth appeared the most rapid in 2014 when imports increased by X%. As a result, imports reached the peak of X tons. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, semi-manufactured silver imports reduced sharply to $X in 2023. Overall, imports showed a deep downturn. The pace of growth appeared the most rapid in 2022 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Ghana was the largest importing country with an import of about X kg, which reached X% of total imports. Mali (X kg) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%). Liberia (X kg) followed a long way behind the leaders.

Ghana experienced a relatively flat trend pattern with regard to volume of imports of silver in semi-manufactured forms. At the same time, Cote d'Ivoire (X%) and Mali (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Liberia (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Mali (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total imports, while Liberia saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Mali ($X) constitutes the largest market for imported silver in semi-manufactured forms in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Mali stood at X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, reducing by X% against the previous year. Overall, the import price continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2016 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2023, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform