ECOWAS: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in ECOWAS

For the third year in a row, the ECOWAS market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver recorded growth in sales value, which increased by 1.1% to $X in 2022. Over the period under review, consumption posted a slight expansion. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in ECOWAS

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports in ECOWAS

In 2022, approx. X kg of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver were exported in ECOWAS; with an increase of 121% on 2021. Overall, exports, however, saw a deep setback. The volume of export peaked at X kg in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver skyrocketed to $X in 2022. In general, exports, however, continue to indicate a sharp shrinkage. The pace of growth appeared the most rapid in 2013 when exports increased by 126%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Senegal was the main exporter of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in ECOWAS, with the volume of exports finishing at X kg, which was near 68% of total exports in 2022. It was distantly followed by Ghana (X kg), Cabo Verde (X kg) and Cote d'Ivoire (X kg), together comprising a 32% share of total exports.

Senegal was also the fastest-growing in terms of the articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports, with a CAGR of +35.6% from 2012 to 2022. Cabo Verde experienced a relatively flat trend pattern. Cote d'Ivoire (-6.7%) and Ghana (-21.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal, Cabo Verde and Cote d'Ivoire increased by +67, +6.5 and +1.6 percentage points, respectively.

In value terms, the largest non-silver precious metal goldsmiths ware articles supplying countries in ECOWAS were Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X), together accounting for 65% of total exports.

In terms of the main exporting countries, Senegal, with a CAGR of +44.1%, saw the highest rates of growth with regard to 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

In 2022, the export price in ECOWAS amounted to $X per kg, declining by -15.3% against the previous year. In general, the export price saw a significant contraction. The most prominent rate of growth was recorded in 2019 an increase of 57% against the previous year. Over the period under review, the export prices reached the maximum at $X per kg in 2013; however, from 2014 to 2022, 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 Ghana ($X per kg), while Cabo Verde ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.3%), while the other leaders experienced a decline in the export price figures.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports in ECOWAS

In 2022, the amount of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver imported in ECOWAS reduced slightly to X kg, waning by -4% against the previous year's figure. Overall, imports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 43% against the previous year. Over the period under review, imports of reached the maximum at X kg in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver shrank to $X in 2022. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by 147%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

Nigeria (X kg) and Ghana (X kg) represented roughly 54% of total imports in 2022. Gambia (X kg) ranks next in terms of the total imports with a 13% share, followed by Benin (8.3%), Cote d'Ivoire (8.3%), Senegal (8.3%) and Togo (8.3%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Senegal (with a CAGR of +7.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-silver precious metal goldsmiths ware articles importing markets in ECOWAS were Senegal ($X), Gambia ($X) and Cote d'Ivoire ($X), with a combined 80% share of total imports.

Among the main importing countries, Senegal, with a CAGR of +7.4%, recorded 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 2022, the import price in ECOWAS amounted to $X per kg, remaining relatively unchanged against the previous year. Over the period under review, the import price saw a abrupt contraction. The pace of growth was the most pronounced in 2014 an increase of 133%. As a result, import price reached the peak level of $X per kg. From 2015 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per kg), while Benin ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform