ECOWAS: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in ECOWAS

In 2021, after two years of growth, there was significant decline in the ECOWAS market for copper bars, wire and plates, when its value decreased by -15% to $X. The total consumption indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +58.1% against 2018 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Production of Copper Bars, Wire And Plates in ECOWAS

In value terms, copper bars, wire and plates production reduced markedly to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +67.1% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 46%. As a result, production reached the peak level of $X, and then shrank dramatically in the following year.

Exports of Copper Bars, Wire And Plates

Exports in ECOWAS

In 2021, copper bars, wire and plates exports in ECOWAS surged to X tons, jumping by 30% compared with the year before. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 35% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, copper bars, wire and plates exports soared to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, finishing at X tons, which was near 79% of total exports in 2021. Nigeria (X tons) held the second position in the ranking, followed by Ghana (X tons). All these countries together held approx. 11% share of total exports. Togo (X tons), Benin (X tons) and Sierra Leone (X tons) held a little share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of copper bars, wire and plates. At the same time, Sierra Leone (+73.1%), Togo (+29.7%), Benin (+23.0%) and Ghana (+3.8%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +73.1% from 2012-2021. By contrast, Nigeria (-1.1%) illustrated a downward trend over the same period. While the share of Togo (+3.1 p.p.), Benin (+2.6 p.p.) and Sierra Leone (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-7.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest copper bars, wire and plates supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was held by Nigeria ($X), with a 3.7% share of total exports. It was followed by Benin, with a 3.2% share.

In Senegal, copper bars, wire and plates exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-7.5% per year) and Benin (+24.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 33% against the previous year. In general, the export price, however, recorded a slight decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Copper Bars, Wire And Plates

Imports in ECOWAS

In 2021, after four years of growth, there was significant decline in purchases abroad of copper bars, wire and plates, when their volume decreased by -13.4% to X tons. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 38%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, copper bars, wire and plates imports skyrocketed to $X in 2021. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 30%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Cote d'Ivoire (X tons) and Senegal (X tons) represented the largest importers of copper bars, wire and plates in 2021, finishing at near 30% and 27% of total imports, respectively. Nigeria (X tons) ranks next in terms of the total imports with an 18% share, followed by Ghana (18%). The following importers - Togo (X tons) and Benin (X tons) - each resulted at a 5.8% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +12.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 76% of total imports.

Cote d'Ivoire, with a CAGR of +12.6%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 34% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Senegal ($X per ton) and Benin ($X per ton), while Togo ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform