ECOWAS: Derivatives Of Hydrocarbons Market 2024

Derivatives Of Hydrocarbons Market Size in ECOWAS

The ECOWAS derivatives of hydrocarbons market contracted remarkably to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption showed a abrupt descent. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Derivatives Of Hydrocarbons Production in ECOWAS

In value terms, derivatives of hydrocarbons production reached $X in 2022 estimated in export price. In general, production continues to indicate a noticeable contraction. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Derivatives Of Hydrocarbons Exports

Exports in ECOWAS

Derivatives of hydrocarbons exports soared to X tons in 2022, with an increase of X% on the previous year's figure. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, derivatives of hydrocarbons exports shrank to $X in 2022. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Nigeria (X tons) was the main exporter of derivatives of hydrocarbons other than containing only sulpho-, nitro-, or nitroso groups in ECOWAS, generating X% of total export.

Nigeria was also the fastest-growing in terms of the derivatives of hydrocarbons other than containing only sulpho-, nitro-, or nitroso groups exports, with a CAGR of X% from 2012 to 2022. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest derivatives of hydrocarbons supplier in ECOWAS.

In Nigeria, derivatives of hydrocarbons exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2019 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Derivatives Of Hydrocarbons Imports

Imports in ECOWAS

Derivatives of hydrocarbons imports contracted sharply to X tons in 2022, declining by X% compared with 2021. Over the period under review, imports, however, posted a modest increase. The pace of growth was the most pronounced in 2017 with an increase of X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, derivatives of hydrocarbons imports dropped remarkably to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Ghana dominates imports structure, accounting for X tons, which was near X% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), mixing up a X% share of total imports. Burkina Faso (X tons) held a relatively small share of total imports.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%) and Cote d'Ivoire (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. From 2012 to 2022, the share of Ghana and Burkina Faso increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported derivatives of hydrocarbons other than containing only sulpho-, nitro-, or nitroso groups in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Burkina Faso ($X), with a X% share of total imports.

In Ghana, derivatives of hydrocarbons imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Burkina Faso (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Overall, the import price, however, showed a mild shrinkage. The pace of growth appeared the most rapid in 2015 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 Burkina Faso ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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