ECOWAS: Refined Lead Market 2023

Refined Lead Market Size in ECOWAS

In 2022, after two years of growth, there was decline in the ECOWAS refined lead market, when its value decreased by -0.2% to $X. The total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.3% 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 +29.6% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2021, and then shrank slightly in the following year.

Refined Lead Production in ECOWAS

In value terms, refined lead production reached $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 +42.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 47% against the previous year. The level of production peaked in 2022 and is expected to retain growth in years to come.

Refined Lead Exports

Exports in ECOWAS

In 2022, overseas shipments of refined lead (unwrought) increased by 60% to X tons, rising for the fourth consecutive year after four years of decline. Overall, exports recorded a prominent expansion. The pace of growth was the most pronounced in 2019 with an increase of 391%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, refined lead exports surged to $X in 2022. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 290% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

Nigeria was the key exporting country with an export of around X tons, which amounted to 81% of total exports. It was distantly followed by Ghana (X tons), comprising a 19% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined lead exports from Nigeria stood at +13.5%. At the same time, Ghana (+29.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +29.5% from 2012-2022. Ghana (+13 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -10.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest refined lead supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was held by Ghana ($X), with an 18% share of total exports.

In Nigeria, refined lead exports increased at an average annual rate of +10.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by 2.9% against the previous year. In general, the export price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2017 an increase of 22% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%).

Refined Lead Imports

Imports in ECOWAS

In 2022, after three years of growth, there was decline in supplies from abroad of refined lead (unwrought), when their volume decreased by -2% to X tons. Overall, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2014 when imports increased by 238%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined lead imports declined to $X in 2022. Over the period under review, imports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 131%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Niger (X tons) and Togo (X tons) represented roughly 84% of total imports in 2022. It was distantly followed by Nigeria (X tons), achieving a 12% share of total imports. Senegal (X tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Togo (with a CAGR of +42.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Niger ($X), Togo ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, together comprising 92% of total imports.

In terms of the main importing countries, Togo, with a CAGR of +41.0%, 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, which is down by -2.5% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 60%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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