Western Africa: Platinum Market 2024

Platinum Market Size in Western Africa

The West African platinum market reduced to $X in 2022, therefore, remained relatively stable against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Platinum Production in Western Africa

In value terms, platinum production shrank modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

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Platinum Exports

Exports in Western Africa

In 2022, the amount of platinum exported in Western Africa was estimated at X kg, leveling off at the previous year's figure. In general, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X kg in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, platinum exports soared to $X in 2022. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The shipments of the one major exporters of platinum, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the platinum exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest platinum supplier in Western Africa.

In Nigeria, platinum exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per kg, surging by X% against the previous year. In general, the export price enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Platinum Imports

Imports in Western Africa

In 2022, imports of platinum in Western Africa fell significantly to X kg, which is down by X% on 2021. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, platinum imports contracted markedly to $X in 2022. Over the period under review, imports saw a pronounced decline. The pace of growth was the most pronounced in 2016 when imports increased by X%. The level of import peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

Nigeria was the major importing country with an import of about X kg, which amounted to X% of total imports. It was distantly followed by Niger (X kg), Cote d'Ivoire (X kg), Senegal (X kg), Ghana (X kg) and Mali (X kg), together making up a X% share of total imports. The following importers - Burkina Faso (X kg) and Benin (X kg) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to platinum imports into Nigeria stood at X%. At the same time, Niger (X%), Mali (X%), Burkina Faso (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%), Benin (X%) and Ghana (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.), Niger (X p.p.), Mali (X p.p.) and Burkina Faso (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Benin (X p.p.), Cote d'Ivoire (X p.p.) and Ghana (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X), Senegal ($X) and Niger ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Niger, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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 kg, reducing by X% against the previous year. Overall, the import price showed a noticeable decrease. The most prominent rate of growth was recorded in 2018 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per kg in 2021, and then dropped notably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per kg), while Nigeria ($X per kg) was amongst the lowest.

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

Source: IndexBox Platform

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