ECOWAS: Biological Product Market 2024

Biological Product Exports

Exports in ECOWAS

In 2022, the amount of biological products exported in ECOWAS skyrocketed to X tons, growing by X% on the previous year. In general, exports saw a significant expansion. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, biological product exports dropped to $X in 2022. Overall, exports enjoyed noticeable growth. The most prominent rate of growth was recorded in 2013 with an increase of X%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Mali (X tons), Gambia (X tons), Senegal (X tons) and Ghana (X tons), together constituting a X% share of total exports. The following exporters - Burkina Faso (X tons) and Nigeria (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to biological product exports from Cote d'Ivoire stood at X%. At the same time, Gambia (X%), Ghana (X%), Senegal (X%), Nigeria (X%), Burkina Faso (X%) and Mali (X%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire, Gambia and Ghana increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest biological product supplying countries in ECOWAS were Burkina Faso ($X), Mali ($X) and Ghana ($X), with a combined X% share of total exports. Nigeria, Gambia, Senegal and Cote d'Ivoire lagged somewhat behind, together accounting for a further X%.

Gambia, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, falling by X% against the previous year. In general, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2016 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Biological Product Imports

Imports in ECOWAS

In 2022, purchases abroad of biological products decreased by X% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, biological product imports fell sharply to $X in 2022. In general, imports, however, recorded a strong increase. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Togo (X tons), Ghana (X tons) and Nigeria (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), constituting a X% share of total imports. Sierra Leone (X tons), Mali (X tons) and Guinea (X tons) took a relatively small share of total imports.

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

In value terms, Ghana ($X) constitutes the largest market for imported biological products in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with an X% share of total imports. It was followed by Cote d'Ivoire, with an X% share.

In Ghana, biological product imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, biological product import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform