ECOWAS: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in ECOWAS

In 2023, after three years of growth, there was significant decline in the ECOWAS sodium nitrate market, when its value decreased by X% to $X. Over the period under review, consumption, however, posted buoyant growth. The level of consumption peaked at $X in 2022, and then dropped markedly in the following year.

Sodium Nitrate Production in ECOWAS

In value terms, sodium nitrate production reached $X in 2023 estimated in export price. Overall, production, however, showed a dramatic decline. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2016 to 2023, production growth failed to regain momentum.

Sodium Nitrate Exports

Exports in ECOWAS

In 2023, approx. X tons of sodium nitrate were exported in ECOWAS; increasing by X% on the previous year. Over the period under review, exports saw a strong increase. The growth pace was the most rapid in 2022 when exports increased by X%. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, sodium nitrate exports surged to $X in 2023. In general, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports attained the peak of $X. From 2016 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Ghana dominates exports structure, amounting to X tons, which was approx. X% of total exports in 2023. Burkina Faso (X tons) and Mali (X tons) held a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to sodium nitrate exports from Ghana stood at X%. At the same time, Burkina Faso (X%) and Mali (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Burkina Faso (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Ghana (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest sodium nitrate supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Mali ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Ghana stood at X%. In the other countries, the average annual rates were as follows: Mali (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, growing by X% against the previous year. Overall, the export price enjoyed noticeable growth. The most prominent rate of growth was recorded in 2015 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Sodium Nitrate Imports

Imports in ECOWAS

In 2023, after three years of growth, there was significant decline in purchases abroad of sodium nitrate, when their volume decreased by X% to X tons. In general, imports, however, showed a resilient increase. The pace of growth was the most pronounced in 2018 when imports increased by X%. The volume of import peaked at X tons in 2022, and then dropped significantly in the following year.

In value terms, sodium nitrate imports reduced sharply to $X in 2023. Over the period under review, imports, however, showed prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then reduced rapidly in the following year.

Imports by Country

Nigeria represented the major importer of sodium nitrate in ECOWAS, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. Ghana (X tons) took the second position in the ranking, distantly followed by Niger (X tons) and Guinea (X tons). All these countries together took near X% share of total imports. Liberia (X tons) and Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Liberia (X%), Guinea (X%), Senegal (X%), Ghana (X%) and Niger (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana (X p.p.), Guinea (X p.p.) and Liberia (X p.p.) significantly strengthened its position in terms of the total imports, while Niger and Nigeria saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

Liberia, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of 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

The import price in ECOWAS stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Senegal ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform