ECOWAS: Market for Herring, Salted Or In Brine 2024

Market Size for Herring, Salted Or In Brine in ECOWAS

The ECOWAS market for herring, salted or in brine dropped slightly to $X in 2022, almost unchanged from the previous year. The total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.5% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Herring, Salted Or In Brine in ECOWAS

In value terms, herring, salted or in brine production shrank to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.0% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Herring, Salted Or In Brine

Exports in ECOWAS

In 2022, after three years of growth, there was significant decline in overseas shipments of herring, salted or in brine, when their volume decreased by -12.6% to X kg. Overall, exports faced a deep slump. The most prominent rate of growth was recorded in 2017 when exports increased by 16,104%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, herring, salted or in brine exports fell to $X in 2022. Over the period under review, exports saw a deep downturn. The growth pace was the most rapid in 2017 when exports increased by 2,570% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Ghana (X kg) was the key exporter of herring, salted or in brine in ECOWAS, making up 100% of total export.

Ghana was also the fastest-growing in terms of the herring, salted or in brine exports, with a CAGR of -14.4% from 2012 to 2022. While the share of Ghana (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest herring, salted or in brine supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled -12.3%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 7.2% against the previous year. Overall, the export price showed mild growth. The pace of growth appeared the most rapid in 2018 an increase of 870% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 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 Ghana.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to +2.5% per year.

Imports of Herring, Salted Or In Brine

Imports in ECOWAS

In 2022, the amount of herring, salted or in brine imported in ECOWAS declined to X tons, reducing by -9.8% compared with the previous year. Overall, imports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2014 with an increase of 876% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, herring, salted or in brine imports fell rapidly to $X in 2022. In general, imports continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2014 when imports increased by 430%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Cabo Verde dominates imports structure, accounting for X tons, which was approx. 95% of total imports in 2022. The following importers - Liberia (X kg) and Cote d'Ivoire (X kg) - each reached a 5.2% share of total imports.

Cabo Verde was also the fastest-growing in terms of the herring, salted or in brine imports, with a CAGR of +46.5% from 2012 to 2022. At the same time, Liberia (+6.8%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-11.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cabo Verde increased by +78 percentage points.

In value terms, Cabo Verde ($X), Cote d'Ivoire ($X) and Liberia ($X) constituted the countries with the highest levels of imports in 2022, with a combined 100% share of total imports.

In terms of the main importing countries, Cabo Verde, with a CAGR of +31.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, shrinking by -9.7% against the previous year. In general, the import price faced a precipitous slump. The most prominent rate of growth was recorded in 2015 when the import price increased by 63% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood 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 ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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