Western Africa: Semi-Manufactured Silver Market 2024

Semi-Manufactured Silver Market Size in Western Africa

The West African semi-manufactured silver market was estimated at $X in 2022, picking up by X% against the previous year. Overall, consumption, however, recorded a perceptible setback. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Semi-Manufactured Silver Production in Western Africa

In value terms, semi-manufactured silver production totaled $X in 2022 estimated in export price. In general, production, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Semi-Manufactured Silver Exports

Exports in Western Africa

In 2022, exports of silver in semi-manufactured forms in Western Africa declined sharply to X tons, shrinking by X% compared with the previous year's figure. In general, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured silver exports dropped significantly to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank markedly in the following year.

Exports by Country

Burkina Faso prevails in exports structure, recording X tons, which was approx. X% of total exports in 2022. Ghana (X kg) took a little share of total exports.

Burkina Faso was also the fastest-growing in terms of the silver in semi-manufactured forms exports, with a CAGR of X% from 2012 to 2022. Ghana (X%) illustrated a downward trend over the same period. Burkina Faso (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Burkina Faso ($X) remains the largest semi-manufactured silver supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Burkina Faso totaled X%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, reducing by X% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, semi-manufactured silver export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Semi-Manufactured Silver Imports

Imports in Western Africa

In 2022, the amount of silver in semi-manufactured forms imported in Western Africa soared to X tons, growing by X% on 2021 figures. Overall, imports posted a resilient expansion. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, semi-manufactured silver imports contracted to $X in 2022. In general, imports, however, recorded a pronounced decline. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire (X kg) and Mali (X kg) represented roughly X% of total imports in 2022. Benin (X kg) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (X%). Liberia (X kg), Mauritania (X kg) and Cabo Verde (X kg) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of X.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mali ($X) constitutes the largest market for imported silver in semi-manufactured forms in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Liberia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mali totaled X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Liberia (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Benin ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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