ECOWAS: Binocular Market 2025

Binocular Market Size in ECOWAS

After three years of growth, the ECOWAS binocular market decreased by -8.4% to $X in 2021. Overall, consumption, however, showed buoyant growth. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Binocular Production in ECOWAS

In value terms, binocular production fell to $X in 2021 estimated in export price. In general, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 44%. The level of production peaked at $X in 2020, and then reduced in the following year.

Binocular Exports

Exports in ECOWAS

In 2021, overseas shipments of binoculars increased by 474% to X units for the first time since 2015, thus ending a five-year declining trend. In general, exports saw buoyant growth. The most prominent rate of growth was recorded in 2015 with an increase of 2,095% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, binocular exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Sierra Leone was the key exporting country with an export of around X units, which recorded 64% of total exports. Cabo Verde (X units) held the second position in the ranking, followed by Niger (X units) and Cote d'Ivoire (X units). All these countries together took near 36% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to binocular exports from Sierra Leone stood at +23.2%. At the same time, Niger (+41.0%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +41.0% from 2012-2021. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Cabo Verde (-5.1%) illustrated a downward trend over the same period. While the share of Sierra Leone (+64 p.p.) and Niger (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-12.9 p.p.) and Cabo Verde (-52.4 p.p.) displayed negative dynamics.

In value terms, Sierra Leone ($X) emerged as the largest binocular supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was held by Niger ($X), with a 2.5% share of total exports. It was followed by Cote d'Ivoire, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value in Sierra Leone amounted to +93.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Niger (+27.0% per year) and Cote d'Ivoire (+1.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, picking up by 74% against the previous year. Overall, the export price, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2014 an increase of 246%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+57.1%), while the other leaders experienced mixed trends in the export price figures.

Binocular Imports

Imports in ECOWAS

In 2021, binocular imports in ECOWAS fell sharply to X units, waning by -67.8% compared with 2020 figures. Over the period under review, imports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2018 when imports increased by 5,374% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, binocular imports stood at $X in 2021. Overall, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2019 with an increase of 407%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Cote d'Ivoire dominates imports structure, reaching X units, which was near 72% of total imports in 2021. Ghana (X units) held a 9.1% share (based on physical terms) of total imports, which put it in second place, followed by Mali (7.1%). The following importers - Nigeria (X units), Burkina Faso (X units), Senegal (X units) and Niger (X units) - together made up 8.7% of total imports.

From 2012 to 2021, average annual rates of growth with regard to binocular imports into Cote d'Ivoire stood at +33.1%. At the same time, Mali (+81.1%), Burkina Faso (+52.4%), Ghana (+21.9%) and Niger (+10.4%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +81.1% from 2012-2021. By contrast, Nigeria (-13.4%) and Senegal (-22.8%) illustrated a downward trend over the same period. Cote d'Ivoire (+57 p.p.), Mali (+7.1 p.p.), Ghana (+5 p.p.) and Burkina Faso (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Senegal saw its share reduced by -25.8% and -45.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X), Niger ($X) and Burkina Faso ($X) constituted the countries with the highest levels of imports in 2021, together comprising 71% of total imports.

Among the main importing countries, Mali, with a CAGR of +78.3%, saw the highest growth rate of 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 2021, the import price in ECOWAS amounted to $X per unit, surging by 231% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 1,503% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat 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 Niger ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+29.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform