Western Africa: Office Metal Staple Market 2024

Office Metal Staple Market Size in Western Africa

The West African office metal staple market expanded remarkably to $X in 2022, picking up by 8.6% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Office Metal Staple Production in Western Africa

In value terms, office metal staple production reduced slightly to $X in 2022 estimated in export price. In general, production continues to indicate a mild decline. The most prominent rate of growth was recorded in 2016 with an increase of 42%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Office Metal Staple Exports

Exports in Western Africa

After two years of growth, shipments abroad of base metal staples in strips for use in offices decreased by -92.5% to X kg in 2022. In general, exports saw a dramatic contraction. The pace of growth appeared the most rapid in 2020 when exports increased by 895%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, office metal staple exports fell rapidly to $X in 2022. Overall, exports showed a precipitous decrease. The most prominent rate of growth was recorded in 2020 with an increase of 361%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, accounting for X kg, which was approx. 89% of total exports in 2022. It was distantly followed by Cabo Verde (X kg), committing a 6.9% share of total exports. Senegal (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to office metal staple exports from Nigeria stood at -21.4%. Cabo Verde (-19.2%) and Senegal (-26.9%) illustrated a downward trend over the same period. While the share of Nigeria (+22 p.p.) and Cabo Verde (+3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-2.2 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X), Cabo Verde ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2022.

Cabo Verde, with a CAGR of -7.7%, recorded the highest growth rate of the value of exports, among 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 Western Africa stood at $X per ton in 2022, picking up by 231% against the previous year. Overall, the export price saw pronounced growth. The most prominent rate of growth was recorded in 2019 when the export price increased by 506%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+14.2%), while the other leaders experienced more modest paces of growth.

Office Metal Staple Imports

Imports in Western Africa

In 2022, imports of base metal staples in strips for use in offices in Western Africa surged to X tons, jumping by 65% compared with 2021. In general, imports saw a modest increase. The most prominent rate of growth was recorded in 2021 when imports increased by 119%. The volume of import peaked at X tons in 2013; afterwards, it flattened through to 2022.

In value terms, office metal staple imports skyrocketed to $X in 2022. Over the period under review, imports showed a strong increase. The growth pace was the most rapid in 2021 when imports increased by 83%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was approx. 72% of total imports in 2022. It was distantly followed by Ghana (X tons) and Cote d'Ivoire (X tons), together constituting a 15% share of total imports. The following importers - Togo (X tons) and Senegal (X tons) - each reached a 6.2% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to office metal staple imports into Nigeria stood at +1.4%. At the same time, Togo (+22.5%), Cote d'Ivoire (+11.6%), Senegal (+11.1%) and Ghana (+2.1%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +22.5% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire, Togo and Senegal increased by +3.5, +2.8 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported base metal staples in strips for use in offices in Western Africa, comprising 45% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Cote d'Ivoire, with a 14% share.

In Nigeria, office metal staple imports increased at an average annual rate of +3.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+12.6% per year) and Cote d'Ivoire (+11.9% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, which is down by -23.6% against the previous year. Overall, the import price, however, saw measured growth. The pace of growth was the most pronounced in 2015 when the import price increased by 51% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+10.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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