Western Africa: Shipping Market 2024

Shipping Market Size in Western Africa

The West African shipping market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption recorded a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Shipping Production in Western Africa

In value terms, shipping production rose remarkably to $X in 2022 estimated in export price. In general, production saw a resilient increase. The growth pace was the most rapid in 2014 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Shipping Exports

Exports in Western Africa

In 2022, overseas shipments of ships, vessels, ferry-boats for the transport of persons increased by X% to X units, rising for the third consecutive year after two years of decline. In general, exports, however, continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, shipping exports surged to $X in 2022. Overall, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of ships, vessels, ferry-boats for the transport of persons, namely Liberia, Nigeria and Ghana, represented more than two-thirds of total export. It was distantly followed by Senegal (X units), generating a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest shipping supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Liberia ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Liberia (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X,935 per unit, picking up by X% against the previous year. In general, the export price, however, showed a deep reduction. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The level of export peaked at $X,459 per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X,683 per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Shipping Imports

Imports in Western Africa

In 2022, supplies from abroad of ships, vessels, ferry-boats for the transport of persons was finally on the rise to reach X units after two years of decline. Overall, imports showed a noticeable increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, shipping imports skyrocketed to $X in 2022. Over the period under review, imports showed resilient growth. The growth pace was the most rapid in 2019 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

Liberia was the major importer of ships, vessels, ferry-boats for the transport of persons in Western Africa, with the volume of imports accounting for X units, which was near X% of total imports in 2022. Nigeria (X units) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Gambia (X%), Guinea (X%), Cote d'Ivoire (X%) and Sierra Leone (X%). Benin (X units) held a minor share of total imports.

Liberia was also the fastest-growing in terms of the ships, vessels, ferry-boats for the transport of persons imports, with a CAGR of X% from 2012 to 2022. At the same time, Benin (X%), Guinea (X%) and Ghana (X%) displayed positive paces of growth. Sierra Leone and Gambia experienced a relatively flat trend pattern. By contrast, Nigeria (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. Liberia (X p.p.), Cote d'Ivoire (X p.p.) and Benin (X p.p.) significantly strengthened its position in terms of the total imports, while Sierra Leone, Gambia and Nigeria saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Guinea, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Liberia stood at X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Guinea (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X,645 per unit in 2022, rising by X% against the previous year. Overall, the import price posted a resilient increase. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The level of import peaked at $X,595 per unit in 2020; however, from 2021 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 Liberia ($X,351 per unit), while Gambia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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