ECOWAS: Cotton Lint Market 2024

Cotton Lint Market Size in ECOWAS

In 2022, after two years of decline, there was growth in the ECOWAS cotton lint market, when its value increased by 3.2% to $X. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Cotton Lint Production in ECOWAS

In value terms, cotton lint production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 28%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Benin (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons), together accounting for 69% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Benin (with a CAGR of +10.5%), while production for the other leaders experienced more modest paces of growth.

The average cotton lint yield expanded significantly to X tons per ha in 2022, with an increase of 6.8% compared with 2021. In general, the yield, however, saw a mild reduction. The pace of growth appeared the most rapid in 2014 with an increase of 8.5% against the previous year. Over the period under review, the cotton lint yield attained the maximum level at X tons per ha in 2019; however, from 2020 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cotton lint harvested area fell to X ha in 2022, with a decrease of -1.8% against 2021. The harvested area increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 17% against the previous year. The level of harvested area peaked at X ha in 2021, and then contracted modestly in the following year.

Cotton Lint Exports

Exports in ECOWAS

In 2022, the amount of cotton lint exported in ECOWAS contracted to X tons, shrinking by -7.7% against 2021. Total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 62%. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, cotton lint exports declined to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +44.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 59%. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

The shipments of the three major exporters of cotton lint, namely Benin, Burkina Faso and Cote d'Ivoire, represented more than two-thirds of total export. It was distantly followed by Mali (X tons), comprising a 5.5% share of total exports. Togo (X tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +15.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Benin ($X), Burkina Faso ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, with a combined 90% share of total exports. Mali and Togo lagged somewhat behind, together accounting for a further 8.5%.

Mali, with a CAGR of +21.7%, 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, approximately equating the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 14% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; afterwards, it flattened through to 2022.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Togo ($X per ton) and Mali ($X per ton), while Cote d'Ivoire ($X per ton) and Benin ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+5.5%), while the other leaders experienced more modest paces of growth.

Cotton Lint Imports

Imports in ECOWAS

In 2022, approx. X tons of cotton lint were imported in ECOWAS; waning by -79.6% compared with the year before. In general, imports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2020 when imports increased by 35%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, cotton lint imports reduced remarkably to $X in 2022. Overall, imports showed a precipitous descent. The pace of growth was the most pronounced in 2014 when imports increased by 52% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of cotton lint imports in 2022 were Nigeria (X tons), Ghana (X tons) and Togo (X tons), together accounting for 91% of total import. Senegal (X tons), Sierra Leone (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 main importing countries, was attained by Sierra Leone (with a CAGR of +45.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Ghana ($X) constitutes the largest market for imported cotton lint in ECOWAS, comprising 51% of total imports. The second position in the ranking was held by Togo ($X), with a 20% share of total imports. It was followed by Nigeria, with a 16% share.

In Ghana, cotton lint imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (-23.9% per year) and Nigeria (+28.3% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with a decrease of -40.8% against the previous year. Overall, the import price recorded a perceptible reduction. The growth pace was the most rapid in 2014 an increase of 17% against the previous year. The level of import peaked at $X per ton in 2021, and then reduced remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform