ECOWAS: Palm Oil Market 2024

Palm Oil Market Size in ECOWAS

The ECOWAS palm oil market contracted rapidly to $X in 2022, with a decrease of X% against the previous year. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Palm Oil Production in ECOWAS

In value terms, palm oil production expanded to $X in 2022 estimated in export price. Over the period under review, production recorded a temperate increase. The pace of growth was the most pronounced in 2017 with an increase of 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.

Palm Oil Exports

Exports in ECOWAS

In 2022, palm oil exports in ECOWAS skyrocketed to X tons, with an increase of X% on 2021 figures. Total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, palm oil exports surged to $X in 2022. Overall, exports recorded a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of about X tons, which accounted for X% of total exports. Ghana (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%) and Liberia (X%).

From 2012 to 2022, average annual rates of growth with regard to palm oil exports from Cote d'Ivoire stood at X%. At the same time, Liberia (X%), Ghana (X%) and Togo (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Liberia, Ghana and Togo increased by X, X and X percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest palm oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Liberia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Liberia (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, surging by X% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($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 (X%), while the other leaders experienced more modest paces of growth.

Palm Oil Imports

Imports in ECOWAS

Palm oil imports reduced to X tons in 2022, with a decrease of X% compared with the previous year's figure. Overall, imports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of X%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, palm oil imports shrank dramatically to $X in 2022. Total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of X%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the five major importers of palm oil, namely Ghana, Nigeria, Togo, Niger and Senegal, represented more than two-thirds of total import. Benin (X tons) held the next position in the ranking, followed by Mali (X tons) and Guinea (X tons). All these countries together took approx. 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 Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest palm oil importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Senegal ($X), together accounting for X% of total imports. Mali, Niger, Togo, Guinea and Benin lagged somewhat behind, together accounting for a further X%.

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

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, waning by X% against the previous year. In general, the import price continues to indicate a mild descent. The pace of growth was the most pronounced in 2021 when the import price increased by X%. The level of import peaked at $X per ton 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 Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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