Western Africa: Copper Chain Market 2024

Copper Chain Market Size in Western Africa

For the third year in a row, the West African copper chain market recorded growth in sales value, which increased by X% to $X in 2022. Overall, consumption, however, recorded a noticeable shrinkage. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Copper Chain Production in Western Africa

In value terms, copper chain production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Copper Chain Exports

Exports in Western Africa

After two years of growth, shipments abroad of chain and parts thereof of copper decreased by X% to X kg in 2021. Overall, exports recorded a dramatic slump. The pace of growth was the most pronounced in 2017 with an increase of X%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, copper chain exports dropped significantly to $X in 2021. In general, exports faced a significant decline. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of chain and parts thereof of copper, namely Cote d'Ivoire, represented more than two-thirds of total export.

Cote d'Ivoire was also the fastest-growing in terms of the chain and parts thereof of copper exports, with a CAGR of X% from 2012 to 2021. Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest copper chain supplier in Western Africa.

In Cote d'Ivoire, copper chain exports increased at an average annual rate of X% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price, however, showed significant growth. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2021, the rate of growth in terms of prices for Cote d'Ivoire amounted to X% per year.

Copper Chain Imports

Imports in Western Africa

In 2022, purchases abroad of chain and parts thereof of copper increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, recorded a mild downturn. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, copper chain imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a pronounced decrease. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria was the key importer of chain and parts thereof of copper in Western Africa, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. Cote d'Ivoire (X tons) took the second position in the ranking, followed by Ghana (X tons) and Saint Helena, Ascension and Tristan da Cunha (X tons). All these countries together took near X% share of total imports. Burkina Faso (X kg) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to copper chain imports into Nigeria stood at X%. At the same time, Saint Helena, Ascension and Tristan da Cunha (X%), Cote d'Ivoire (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Saint Helena, Ascension and Tristan da Cunha emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Cote d'Ivoire and Saint Helena, Ascension and Tristan da Cunha increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest copper chain importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Burkina Faso ($X), with a combined X% share of total imports. Cote d'Ivoire and Saint Helena, Ascension and Tristan da Cunha lagged somewhat behind, together accounting for a further X%.

Saint Helena, Ascension and Tristan da Cunha, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the import price in Western Africa amounted to $X per ton, declining by X% against the previous year. Overall, the import price continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, 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