Western Africa: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Western Africa

The West African unvulcanised rubber market rose markedly to $X in 2023, growing by X% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Unvulcanised Rubber Production in Western Africa

In value terms, unvulcanised rubber production expanded notably to $X in 2023 estimated in export price. Over the period under review, production saw a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Unvulcanised Rubber Exports

Exports in Western Africa

In 2023, unvulcanised rubber exports in Western Africa surged to X tons, picking up by X% against 2022. In general, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

In value terms, unvulcanised rubber exports skyrocketed to $X in 2023. Over the period under review, exports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The level of export peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of about X tons, which accounted for X% of total exports. It was distantly followed by Ghana (X tons), creating a X% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the unvulcanised rubber exports, with a CAGR of X% from 2012 to 2023. Ghana (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.) and Ghana (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 ($X) remains the largest unvulcanised rubber supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Cote d'Ivoire stood at X%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, with a decrease of X% against the previous year. In general, the export price showed a mild setback. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%).

Unvulcanised Rubber Imports

Imports in Western Africa

In 2023, purchases abroad of unvulcanised rubber decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, unvulcanised rubber imports contracted notably to $X in 2023. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2022, and then dropped notably in the following year.

Imports by Country

Guinea (X tons) and Ghana (X tons) represented roughly X% of total imports in 2023. Cote d'Ivoire (X tons) ranks next in terms of the total imports with a X% share, followed by Burkina Faso (X%). The following importers - Senegal (X tons), Benin (X tons) and Nigeria (X tons) - each resulted at a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Benin (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X), Ghana ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

In terms of the main importing countries, Burkina Faso, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, rising by X% against the previous year. Import price indicated measured growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, unvulcanised rubber import price increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2022 when the import price increased by X%. Over the period under review, import prices reached the peak figure in 2023 and is expected to retain growth in the near future.

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

From 2012 to 2023, 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