Africa: Shipping Market 2024

Shipping Market Size in Africa

In 2021, the African shipping market decreased by -11.2% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption enjoyed a strong increase. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Shipping Production in Africa

In value terms, shipping production expanded sharply to $X in 2021 estimated in export price. In general, production, however, showed a notable increase. The growth pace was the most rapid in 2018 when the production volume increased by 144% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Shipping Exports

Exports in Africa

In 2021, shipments abroad of ships, vessels, ferry-boats for the transport of persons increased by 67% to X units, rising for the second year in a row after three years of decline. In general, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 372% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, shipping exports fell notably to $X in 2021. Overall, exports, however, faced a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 320%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Africa was the main exporting country with an export of around X units, which accounted for 67% of total exports. It was distantly followed by Nigeria (X units), achieving a 27% share of total exports. Kenya (X units) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to shipping exports from South Africa stood at +9.6%. At the same time, Kenya (+12.3%) displayed positive paces of growth. Moreover, Kenya emerged as the fastest-growing exporter exported in Africa, with a CAGR of +12.3% from 2012-2021. By contrast, Nigeria (-24.4%) illustrated a downward trend over the same period. South Africa (+59 p.p.) and Kenya (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -61.3% from 2012 to 2021, respectively.

In value terms, the largest shipping supplying countries in Africa were South Africa ($X), Nigeria ($X) and Kenya ($X), together accounting for 89% of total exports.

In terms of the main exporting countries, South Africa, with a CAGR of +20.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Africa stood at $X per unit in 2021, shrinking by -49.6% against the previous year. Over the period under review, the export price recorded a perceptible contraction. The pace of growth was the most pronounced in 2018 an increase of 79% against the previous year. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Kenya ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+10.2%), while the other leaders experienced a decline in the export price figures.

Shipping Imports

Imports in Africa

In 2021, the amount of ships, vessels, ferry-boats for the transport of persons imported in Africa skyrocketed to X units, jumping by 355% compared with 2020 figures. In general, imports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2015 with an increase of 1,683%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, shipping imports shrank to $X in 2021. Overall, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2015 when imports increased by 467%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana was the largest importing country with an import of around X units, which accounted for 52% of total imports. Cameroon (X units) took the second position in the ranking, distantly followed by Angola (X units). All these countries together took approx. 42% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +150.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in Africa, comprising 24% of total imports. The second position in the ranking was taken by Cameroon ($X), with an 11% share of total imports.

In Ghana, shipping imports increased at an average annual rate of +105.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cameroon (+93.5% per year) and Angola (+32.8% per year).

Import Prices by Country

The import price in Africa stood at $X per unit in 2021, dropping by -79.7% against the previous year. Over the period under review, the import price, however, saw a measured increase. The most prominent rate of growth was recorded in 2016 when the import price increased by 2,459%. As a result, import price reached the peak level of $X per unit. From 2017 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cameroon (+8.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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