ECOWAS: Way-Type Unit Head Market 2024

Way-Type Unit Head Market Size in ECOWAS

After four years of growth, the ECOWAS way-type unit head market decreased by -34.2% to $X in 2021. Over the period under review, consumption, however, enjoyed a significant expansion. As a result, consumption attained the peak level of $X, and then contracted markedly in the following year.

Way-Type Unit Head Production in ECOWAS

In value terms, way-type unit head production shrank dramatically to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 212% against the previous year. As a result, production reached the peak level of $X, and then shrank significantly in the following year.

Way-Type Unit Head Exports

Exports in ECOWAS

In 2021, overseas shipments of way-type unit heads for working metal decreased by -2.6% to X kg, falling for the third year in a row after three years of growth. In general, exports continue to indicate a significant contraction. The pace of growth was the most pronounced in 2016 with an increase of 324% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, way-type unit head exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a precipitous curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 840% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria was the key exporter of way-type unit heads for working metal in ECOWAS, with the volume of exports resulting at X kg, which was near 86% of total exports in 2021. It was distantly followed by Guinea (X kg), committing an 11% share of total exports. Liberia (X kg) took a little share of total exports.

Exports from Nigeria decreased at an average annual rate of -26.2% from 2012 to 2021. At the same time, Guinea (+13.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +13.7% from 2012-2021. Liberia experienced a relatively flat trend pattern. From 2012 to 2021, the share of Guinea and Liberia increased by +11 and +2.6 percentage points, respectively.

In value terms, Nigeria ($X), Liberia ($X) and Guinea ($X) were the countries with the highest levels of exports in 2021.

Liberia, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 47% against the previous year. In general, the export price, however, recorded a significant curtailment. The growth pace was the most rapid in 2017 an increase of 200%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (-22.4%).

Way-Type Unit Head Imports

Imports in ECOWAS

In 2021, supplies from abroad of way-type unit heads for working metal was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2015 with an increase of 1,287%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, way-type unit head imports expanded slightly to $X in 2021. Over the period under review, imports, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2015 with an increase of 1,314%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) prevails in imports structure, together constituting 78% of total imports. It was distantly followed by Nigeria (X tons) and Mali (X tons), together comprising a 13% share of total imports. The following importers - Niger (X kg) and Senegal (X kg) - each reached a 3.9% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Mali (with a CAGR of +31.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2021, together accounting for 83% of total imports. Senegal, Mali and Niger lagged somewhat behind, together accounting for a further 12%.

Senegal, with a CAGR of +41.1%, 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 2021, dropping by -23.2% against the previous year. Over the period under review, the import price showed a mild reduction. The most prominent rate of growth was recorded in 2020 an increase of 92% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Senegal (+16.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :