Western Africa: Silver Market 2024

Silver Market Size in Western Africa

The West African silver market was estimated at $X in 2022, approximately mirroring the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Silver Production in Western Africa

In value terms, silver production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight slump. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Silver Exports

Exports in Western Africa

Silver exports dropped to X tons in 2022, shrinking by X% compared with 2021 figures. In general, exports, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, silver exports fell to $X in 2022. Over the period under review, exports saw a pronounced downturn. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Burkina Faso (X tons) represented the main exporter of silver including silver plated with gold or platinum, creating X% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a X% share, followed by Senegal (X%) and Guinea (X%). Mali (X kg), Mauritania (X kg) and Niger (X kg) followed a long way behind the leaders.

Burkina Faso was also the fastest-growing in terms of the silver including silver plated with gold or platinum exports, with a CAGR of X% from 2012 to 2022. At the same time, Guinea (X%) and Mali (X%) displayed positive paces of growth. Niger and Senegal experienced a relatively flat trend pattern. By contrast, Nigeria (X%) and Mauritania (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.), Guinea (X p.p.) and Mauritania (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Niger (X p.p.), Senegal (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) remains the largest silver supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports. It was followed by Senegal, with a X% share.

In Burkina Faso, silver exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per kg, declining by X% against the previous year. In general, the export price recorded a abrupt setback. The pace of growth was the most pronounced in 2013 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per kg. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 Guinea ($X per kg), while Niger ($X per kg) 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 a decline in the export price figures.

Silver Imports

Imports in Western Africa

In 2022, overseas purchases of silver including silver plated with gold or platinum decreased by X% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports, however, posted perceptible growth. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, silver imports reduced rapidly to $X in 2022. Overall, imports, however, enjoyed notable growth. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then dropped rapidly in the following year.

Imports by Country

In 2022, Mali (X tons) was the largest importer of silver including silver plated with gold or platinum, generating X% of total imports. Cote d'Ivoire (X kg) held the second position in the ranking, followed by Benin (X kg), Ghana (X kg) and Nigeria (X kg). All these countries together held approx. X% share of total imports. The following importers - Guinea (X kg) and Liberia (X kg) - together made up X% of total imports.

Mali was also the fastest-growing in terms of the silver including silver plated with gold or platinum imports, with a CAGR of X% from 2012 to 2022. At the same time, Benin (X%), Cote d'Ivoire (X%), Guinea (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Liberia (X%) and Nigeria (X%) illustrated a downward trend over the same period. Mali (X p.p.), Cote d'Ivoire (X p.p.), Benin (X p.p.), Ghana (X p.p.) and Guinea (X p.p.) significantly strengthened its position in terms of the total imports, while Liberia and Nigeria saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Mali ($X) constitutes the largest market for imported silver including silver plated with gold or platinum in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Guinea, with a X% share.

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

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, dropping by X% against the previous year. Import price indicated a modest expansion 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. The most prominent rate of growth was recorded in 2015 an increase of X%. The level of import peaked at $X per ton in 2021, and then reduced notably in the following year.

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

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

Source: IndexBox Platform

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