ECOWAS: Cork Article Market 2024

Cork Article Market Size in ECOWAS

After three years of decline, the ECOWAS cork article market increased by 5.7% to $X in 2021. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Cork Article Production in ECOWAS

In value terms, cork article production expanded remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 21% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Cork Article Exports

Exports in ECOWAS

In 2021, shipments abroad of cork articles decreased by -57.5% to X tons, falling for the third year in a row after three years of growth. In general, exports recorded a precipitous slump. The pace of growth appeared the most rapid in 2018 with an increase of 127% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cork article exports fell remarkably to $X in 2021. Over the period under review, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 124%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X kg) and Senegal (X kg) dominates exports structure, together generating 86% of total exports. It was distantly followed by Nigeria (X kg), achieving a 9% share of total exports. The following exporters - Mali (X kg) and Cabo Verde (X kg) - together made up 5.4% of total exports.

From 2012 to 2021, the biggest increases were recorded for Senegal (with a CAGR of +86.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest cork article supplier in ECOWAS, comprising 55% of total exports. The second position in the ranking was held by Nigeria ($X), with a 17% share of total exports. It was followed by Cabo Verde, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana amounted to +6.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (-16.9% per year) and Cabo Verde (+16.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, waning by -19.9% against the previous year. In general, the export price, however, saw a significant increase. The pace of growth appeared the most rapid in 2013 an increase of 304%. The level of export peaked at $X per ton in 2019; however, from 2020 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 Cabo Verde ($X per ton), while Senegal ($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 (+8.8%), while the other leaders experienced more modest paces of growth.

Cork Article Imports

Imports in ECOWAS

In 2021, purchases abroad of cork articles decreased by -27.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 177% against the previous year. The volume of import peaked at X tons in 2020, and then dropped sharply in the following year.

In value terms, cork article imports skyrocketed to $X in 2021. In general, imports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 382% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Nigeria (X tons) represented the key importer of cork articles, comprising 75% of total imports. It was distantly followed by Cabo Verde (X tons) and Guinea (X tons), together creating a 16% share of total imports. The following importers - Cote d'Ivoire (X tons), Ghana (X tons) and Senegal (X tons) - together made up 7.5% of total imports.

Imports into Nigeria increased at an average annual rate of +6.6% from 2012 to 2021. At the same time, Cabo Verde (+47.0%), Cote d'Ivoire (+34.0%), Guinea (+28.7%) and Ghana (+16.0%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +47.0% from 2012-2021. By contrast, Senegal (-4.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cabo Verde, Guinea and Cote d'Ivoire increased by +11, +3.7 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported cork articles in ECOWAS, comprising 53% of total imports. The second position in the ranking was taken by Guinea ($X), with a 24% share of total imports. It was followed by Cabo Verde, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +12.3%. In the other countries, the average annual rates were as follows: Guinea (+38.2% per year) and Cabo Verde (+35.9% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, jumping by 95% against the previous year. Over the period under review, the import price continues to indicate a strong increase. The growth pace was the most rapid in 2016 when the import price increased by 167% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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 Guinea ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform