ECOWAS: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in ECOWAS

The ECOWAS unvulcanised rubber market expanded sharply to $X in 2023, with an increase of X% against the previous year. The total consumption indicated buoyant growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market reached the peak level at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Unvulcanised Rubber Production in ECOWAS

In value terms, unvulcanised rubber production expanded remarkably to $X in 2023 estimated in export price. In general, production enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Unvulcanised Rubber Exports

Exports in ECOWAS

In 2023, approx. X tons of unvulcanised rubber were exported in ECOWAS; rising by X% on 2022. Over the period under review, exports, however, saw a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

In value terms, unvulcanised rubber exports surged to $X in 2023. Overall, exports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of about X tons, which accounted for X% of total exports. It was distantly followed by Ghana (X tons), mixing up a X% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the unvulcanised rubber exports, with a CAGR of X% from 2012 to 2023. Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Cote d'Ivoire and Ghana increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Cote d'Ivoire, unvulcanised rubber exports declined by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price saw a slight downturn. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%).

Unvulcanised Rubber Imports

Imports in ECOWAS

In 2023, supplies from abroad of unvulcanised rubber decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2015 when imports increased by X%. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, unvulcanised rubber imports reduced dramatically to $X in 2023. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then dropped dramatically in the following year.

Imports by Country

Guinea (X tons) and Ghana (X tons) represented roughly X% of total imports in 2023. It was distantly followed by Cote d'Ivoire (X tons) and Burkina Faso (X tons), together creating a X% share of total imports. The following importers - Senegal (X tons), Benin (X tons) and Nigeria (X tons) - each accounted for a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Benin (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest unvulcanised rubber importing markets in ECOWAS were Guinea ($X), Ghana ($X) and Burkina Faso ($X), together accounting for X% of total imports.

In terms of the main importing countries, Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to 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 ton in 2023, jumping by X% against the previous year. Import price indicated a temperate increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, unvulcanised rubber import price increased by X% against 2021 indices. The growth pace was the most rapid in 2022 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2023 and is likely to see gradual growth in the near future.

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 ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform