Africa: Silver Nitrate Market 2024

Silver Nitrate Market Size in Africa

In 2021, the African silver nitrate market increased by 212% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, saw a pronounced downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Silver Nitrate Production in Africa

In value terms, silver nitrate production shrank slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 29% against the previous year. The level of production peaked at $X in 2020, and then fell slightly in the following year.

Silver Nitrate Exports

Exports in Africa

In 2021, overseas shipments of silver nitrate decreased by -75.6% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, continue to indicate a slight expansion. The growth pace was the most rapid in 2020 when exports increased by 223%. As a result, the exports attained the peak of X tons, and then contracted remarkably in the following year.

In value terms, silver nitrate exports plummeted to $X in 2021. In general, exports, however, continue to indicate a notable increase. The growth pace was the most rapid in 2020 when exports increased by 203% against the previous year. As a result, the exports reached the peak of $X, and then shrank notably in the following year.

Exports by Country

South Africa dominates exports structure, resulting at X tons, which was approx. 93% of total exports in 2021. It was distantly followed by Kenya (X kg), mixing up a 6.2% share of total exports.

Exports from South Africa increased at an average annual rate of +2.7% from 2012 to 2021. At the same time, Kenya (+21.7%) displayed positive paces of growth. Moreover, Kenya emerged as the fastest-growing exporter exported in Africa, with a CAGR of +21.7% from 2012-2021. While the share of South Africa (+7 p.p.) and Kenya (+4.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest silver nitrate supplier in Africa, comprising 92% of total exports. The second position in the ranking was held by Kenya ($X), with a 5.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value in South Africa stood at +5.0%.

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, with an increase of 1.6% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by 330%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Kenya totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kenya (+8.1%).

Silver Nitrate Imports

Imports in Africa

After two years of decline, supplies from abroad of silver nitrate increased by 38% to X tons in 2021. Overall, imports, however, showed a abrupt contraction. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, silver nitrate imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a abrupt contraction. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Africa (X tons), distantly followed by Morocco (X kg), Cote d'Ivoire (X kg), Algeria (X kg), Tanzania (X kg), Egypt (X kg), Zimbabwe (X kg) and Mali (X kg) represented the major importers of silver nitrate, together creating 74% of total imports. Mauritius (X kg), Tunisia (X kg), Burkina Faso (X kg), Angola (X kg) and Madagascar (X kg) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to silver nitrate imports into South Africa stood at -15.9%. At the same time, Algeria (+25.8%), Tanzania (+24.8%), Madagascar (+20.1%), Cote d'Ivoire (+19.9%), Zimbabwe (+7.3%), Egypt (+5.8%), Mali (+5.7%) and Morocco (+2.6%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in Africa, with a CAGR of +25.8% from 2012-2021. By contrast, Tunisia (-4.3%), Angola (-4.6%), Mauritius (-7.2%) and Burkina Faso (-24.5%) illustrated a downward trend over the same period. Cote d'Ivoire (+7.6 p.p.), Morocco (+7.3 p.p.), Algeria (+6.6 p.p.), Tanzania (+6.4 p.p.), Egypt (+4.4 p.p.), Zimbabwe (+3.9 p.p.), Mali (+3.5 p.p.) and Madagascar (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso and South Africa saw its share reduced by -14.3% and -29% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported silver nitrate in Africa, comprising 39% of total imports. The second position in the ranking was held by Algeria ($X), with an 8.2% share of total imports. It was followed by Cote d'Ivoire, with a 6.9% share.

From 2012 to 2021, the average annual growth rate of value in South Africa amounted to -7.5%. The remaining importing countries recorded the following average annual rates of imports growth: Algeria (+16.9% per year) and Cote d'Ivoire (+22.9% per year).

Import Prices by Country

In 2021, the import price in Africa amounted to $X per ton, picking up by 13% against the previous year. Import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silver nitrate import price increased by +15.5% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 26% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Africa ($X per ton), while Mauritius ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+14.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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