ECOWAS: Colloidal Precious Metals Market 2024

Colloidal Precious Metals Market Size in ECOWAS

The ECOWAS colloidal precious metals market expanded to $X in 2023, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2015; however, from 2016 to 2023, consumption failed to regain momentum.

Colloidal Precious Metals Production in ECOWAS

In value terms, colloidal precious metals production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

Colloidal Precious Metals Exports

Exports in ECOWAS

After two years of growth, overseas shipments of colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate) decreased by X% to X tons in 2023. Overall, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2022, and then declined modestly in the following year.

In value terms, colloidal precious metals exports dropped to $X in 2023. Over the period under review, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2019 with an increase of X%. The level of export peaked at $X in 2022, and then dropped modestly in the following year.

Exports by Country

The biggest shipments were from Ghana (X tons), together resulting at X% of total export.

Ghana was also the fastest-growing in terms of the colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate) exports, with a CAGR of X% from 2012 to 2023. Ghana (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, Ghana ($X) also remains the largest colloidal precious metals supplier in ECOWAS.

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

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, leveling off at the previous year. Over the period under review, the export price continues to indicate a perceptible increase. The pace of growth was the most pronounced in 2015 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

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

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

Colloidal Precious Metals Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded decline in supplies from abroad of colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate), which decreased by X% to X kg in 2023. Overall, imports faced a sharp decrease. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, colloidal precious metals imports reduced to $X in 2023. In general, imports, however, showed a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then fell in the following year.

Imports by Country

Senegal was the major importing country with an import of about X kg, which amounted to X% of total imports. Nigeria (X kg) held the second position in the ranking, followed by Ghana (X kg), Mali (X kg), Cabo Verde (X kg), Guinea (X kg) and Burkina Faso (X kg). All these countries together took near X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to colloidal precious metals imports into Senegal stood at X%. At the same time, Guinea (X%) and Cabo Verde (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Mali (X%), Burkina Faso (X%), Nigeria (X%) and Ghana (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.), Nigeria (X p.p.), Guinea (X p.p.), Mali (X p.p.), Cabo Verde (X p.p.), Burkina Faso (X p.p.) and Ghana (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported colloidal precious metals, compounds and amalgams of precious metals (excluding silver nitrate) in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Mali ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Senegal stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Mali (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X,136 per ton, increasing by X% against the previous year. In general, the import price recorded a significant expansion. The growth pace was the most rapid in 2019 an increase of X%. The level of import peaked in 2023 and is expected to retain growth in the immediate term.

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 Senegal ($X,279 per ton), while Cabo Verde ($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