Western Africa: Zinc Market 2024

Zinc Market Size in Western Africa

In 2021, the West African zinc market increased by 17% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, continues to indicate a abrupt downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Zinc Production in Western Africa

In value terms, zinc production shrank modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 31%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Zinc Exports

Exports in Western Africa

In 2021, overseas shipments of zinc decreased by -22.5% to X tons, falling for the second year in a row after four years of growth. In general, exports, however, posted significant growth. The pace of growth was the most pronounced in 2013 with an increase of 879%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, zinc exports reduced to $X in 2021. Over the period under review, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 296% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the one major exporters of zinc, namely Burkina Faso, represented more than two-thirds of total export.

Burkina Faso was also the fastest-growing in terms of the zinc exports, with a CAGR of +46.9% from 2012 to 2021. Burkina Faso (+26 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, Burkina Faso ($X) also remains the largest zinc supplier in Western Africa.

From 2012 to 2021, the average annual growth rate of value in Burkina Faso amounted to +44.5%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 10% against the previous year. Overall, the export price, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2017 an increase of 77% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for Burkina Faso amounted to -1.6% per year.

Zinc Imports

Imports in Western Africa

In 2021, zinc imports in Western Africa dropped notably to X tons, falling by -51.2% on 2020. Over the period under review, imports continue to indicate a deep reduction. The growth pace was the most rapid in 2014 with an increase of 18%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, zinc imports reduced sharply to $X in 2021. Overall, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 24% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was approx. 83% of total imports in 2021. Togo (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together held near 9% share of total imports. Mauritania (X tons) held a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -15.7% from 2012 to 2021. At the same time, Ghana (+8.8%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +8.8% from 2012-2021. By contrast, Mauritania (-12.4%) and Togo (-19.5%) illustrated a downward trend over the same period. Ghana (+4 p.p.) significantly strengthened its position in terms of the total imports, while Togo and Nigeria saw its share reduced by -2.6% and -4.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported zinc in Western Africa, comprising 89% of total imports. The second position in the ranking was taken by Togo ($X), with a 4% share of total imports. It was followed by Ghana, with a 2% share.

In Nigeria, zinc imports declined by an average annual rate of -11.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Togo (-17.3% per year) and Ghana (+3.1% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 25% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2017 an increase of 31% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :