ECOWAS: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in ECOWAS

The ECOWAS iron or steel leaf-spring market amounted to $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in ECOWAS

In value terms, iron or steel leaf-spring production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports in ECOWAS

For the third year in a row, ECOWAS recorded decline in overseas shipments of iron or steel leaf-springs and leaves, which decreased by X% to X tons in 2022. Over the period under review, exports continue to indicate a deep reduction. 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 attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, iron or steel leaf-spring exports stood at $X in 2022. Overall, exports faced a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Ghana (X tons) represented the largest exporter of iron or steel leaf-springs and leaves in ECOWAS, comprising X% of total export.

Ghana was also the fastest-growing in terms of the iron or steel leaf-springs and leaves exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest iron or steel leaf-spring supplier in ECOWAS.

In Ghana, iron or steel leaf-spring exports plunged by 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, growing by X% against the previous year. In general, the export price, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 X% per year.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports in ECOWAS

Iron or steel leaf-spring imports dropped to X tons in 2022, which is down by X% against the previous year. Overall, imports, however, showed a noticeable expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then contracted modestly in the following year.

In value terms, iron or steel leaf-spring imports contracted to $X in 2022. Over the period under review, imports, however, posted a temperate increase. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Ghana represented the main importer of iron or steel leaf-springs and leaves in ECOWAS, with the volume of imports reaching X tons, which was near X% of total imports in 2022. Burkina Faso (X tons) took the second position in the ranking, followed by Nigeria (X tons), Mali (X tons) and Senegal (X tons). All these countries together held approx. X% share of total imports. Cote d'Ivoire (X tons) and Niger (X tons) followed a long way behind the leaders.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Mali (X%), Burkina Faso (X%), Niger (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Burkina Faso, Mali, Senegal and Cote d'Ivoire increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported iron or steel leaf-springs and leaves in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Ghana, iron or steel leaf-spring 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: Nigeria (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, which is down by X% against the previous year. In general, the import price recorded a slight descent. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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