ECOWAS: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in ECOWAS

The ECOWAS crude palm oil market rose modestly to $X in 2022, increasing by 4.1% against the previous year. Overall, consumption saw a slight increase. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Crude Palm Oil Production in ECOWAS

In value terms, crude palm oil production reached $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 49% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Palm Oil Exports

Exports in ECOWAS

In 2022, the amount of crude palm oil exported in ECOWAS shrank remarkably to X tons, falling by -27.4% compared with the year before. Over the period under review, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 126%. The volume of export peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, crude palm oil exports shrank remarkably to $X in 2022. Overall, exports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by 200% against the previous year. As a result, the exports attained the peak of $X, and then dropped significantly in the following year.

Exports by Country

Cote d'Ivoire (X tons) and Liberia (X tons) prevails in exports structure, together committing 86% of total exports. Ghana (X tons) took the next position in the ranking, followed by Sierra Leone (X tons). All these countries together took near 12% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Sierra Leone (with a CAGR of +60.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest crude palm oil supplying countries in ECOWAS were Cote d'Ivoire ($X), Liberia ($X) and Ghana ($X), together accounting for 93% of total exports. These countries were followed by Sierra Leone, which accounted for a further 4.7%.

Among the main exporting countries, Sierra Leone, with a CAGR of +70.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by -9.2% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 46%. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.2%), while the other leaders experienced mixed trends in the export price figures.

Crude Palm Oil Imports

Imports in ECOWAS

In 2022, approx. X tons of crude palm oil were imported in ECOWAS; dropping by -17.1% compared with the previous year. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 69%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, crude palm oil imports contracted markedly to $X in 2022. In general, imports, however, enjoyed a modest increase. The growth pace was the most rapid in 2014 when imports increased by 61% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria represented the largest importing country with an import of about X tons, which reached 45% of total imports. Senegal (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (11%), Ghana (5.8%), Benin (5.2%) and Togo (5.2%). Sierra Leone (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +11.6% from 2012 to 2022. At the same time, Sierra Leone (+53.5%) and Senegal (+23.1%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +53.5% from 2012-2022. Benin experienced a relatively flat trend pattern. By contrast, Togo (-1.8%), Cote d'Ivoire (-11.4%) and Ghana (-12.2%) illustrated a downward trend over the same period. While the share of Nigeria (+29 p.p.), Senegal (+19 p.p.) and Sierra Leone (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-17 p.p.) and Cote d'Ivoire (-28.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported crude palm oil in ECOWAS, comprising 69% of total imports. The second position in the ranking was taken by Senegal ($X), with a 12% share of total imports. It was followed by Cote d'Ivoire, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +11.0%. In the other countries, the average annual rates were as follows: Senegal (+17.3% per year) and Cote d'Ivoire (-13.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, shrinking by -15.2% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 41% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then contracted remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform