ECOWAS: Nitrogen Market 2024

Nitrogen Market Size in ECOWAS

In 2022, the ECOWAS nitrogen market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption saw a buoyant increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Nitrogen Production in ECOWAS

In value terms, nitrogen production stood at $X in 2022 estimated in export price. In general, production enjoyed resilient growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Nitrogen Exports

Exports in ECOWAS

In 2022, shipments abroad of nitrogen decreased by X% to X cubic meters, falling for the third consecutive year after three years of growth. Overall, exports, however, enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The volume of export peaked at X cubic meters in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, nitrogen exports dropped markedly to $X in 2022. In general, exports showed a perceptible contraction. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of around X cubic meters, which finished at X% of total exports. Senegal (X cubic meters) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%). Mali (X cubic meters) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to nitrogen exports from Cote d'Ivoire stood at X%. At the same time, Senegal (X%), Mali (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Cote d'Ivoire (X p.p.), Senegal (X p.p.) and Mali (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, Cote d'Ivoire ($X) remains the largest nitrogen supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Senegal, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire was relatively modest. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per cubic meter, growing by X% against the previous year. Overall, the export price, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2014 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per cubic meter), while Cote d'Ivoire ($X per cubic meter) 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 export price figures.

Nitrogen Imports

Imports in ECOWAS

In 2022, approx. X cubic meters of nitrogen were imported in ECOWAS; growing by X% against the year before. Over the period under review, imports saw resilient growth. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, imports hit record highs at X cubic meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, nitrogen imports stood at $X in 2022. In general, imports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of nitrogen imports in 2022 were Ghana (X cubic meters), Senegal (X cubic meters), Guinea (X cubic meters) and Mali (X cubic meters), together reaching X% of total import. The following importers - Burkina Faso (X cubic meters) and Nigeria (X cubic meters) - each recorded a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Guinea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Mali ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports. Guinea, Burkina Faso and Nigeria lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Guinea, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2022, rising by X% against the previous year. Overall, the import price, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2018 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per cubic meter), while Guinea ($X per cubic meter) was amongst the lowest.

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

Source: IndexBox Platform

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