ECOWAS: Smoothing Iron Market 2024

Smoothing Iron Market Size in ECOWAS

In 2021, after four years of growth, there was significant decline in the ECOWAS smoothing iron market, when its value decreased by -8.8% to $X. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +78.2% against 2016 indices. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Smoothing Iron Production in ECOWAS

In value terms, smoothing iron production reduced to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 +16.1% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 54%. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Smoothing Iron Exports

Exports in ECOWAS

In 2021, overseas shipments of electric smoothing irons increased by 5.6% to X units, rising for the fourth consecutive year after two years of decline. In general, exports showed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 124% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, smoothing iron exports dropped remarkably to $X in 2021. Over the period under review, exports posted prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 157%. The level of export peaked at $X in 2020, and then fell sharply in the following year.

Exports by Country

In 2021, Sierra Leone (X units) represented the main exporter of electric smoothing irons, creating 45% of total exports. It was distantly followed by Mali (X units), Senegal (X units), Nigeria (X units) and Ghana (X units), together constituting a 51% share of total exports. Liberia (X units) followed a long way behind the leaders.

Exports from Sierra Leone increased at an average annual rate of +17.9% from 2012 to 2021. At the same time, Mali (+41.2%), Nigeria (+38.8%), Liberia (+23.1%) and Senegal (+10.9%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +41.2% from 2012-2021. By contrast, Ghana (-7.1%) illustrated a downward trend over the same period. Sierra Leone (+24 p.p.), Mali (+19 p.p.), Nigeria (+6.4 p.p.), Senegal (+3.3 p.p.) and Liberia (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -20.2% from 2012 to 2021, respectively.

In value terms, Mali ($X), Sierra Leone ($X) and Senegal ($X) were the countries with the highest levels of exports in 2021, together comprising 72% of total exports.

Mali, with a CAGR of +43.5%, 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

The export price in ECOWAS stood at $X per unit in 2021, shrinking by -32.2% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 24% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 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 Nigeria ($X per unit), while Sierra Leone ($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 (+3.9%), while the other leaders experienced mixed trends in the export price figures.

Smoothing Iron Imports

Imports in ECOWAS

In 2021, overseas purchases of electric smoothing irons increased by 10% to X units, rising for the third year in a row after four years of decline. Overall, imports showed resilient growth. The growth pace was the most rapid in 2019 with an increase of 92%. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, smoothing iron imports declined to $X in 2021. In general, imports continue to indicate a prominent increase. The growth pace was the most rapid in 2019 with an increase of 67%. The level of import peaked at $X in 2020, and then reduced in the following year.

Imports by Country

In 2021, Ghana (X units) was the largest importer of electric smoothing irons, achieving 53% of total imports. It was distantly followed by Nigeria (X units), Guinea (X units), Liberia (X units), Sierra Leone (X units) and Cote d'Ivoire (X units), together achieving a 39% share of total imports. Cabo Verde (X units) took a little share of total imports.

Imports into Ghana increased at an average annual rate of +10.3% from 2012 to 2021. At the same time, Sierra Leone (+61.0%), Liberia (+48.6%), Guinea (+39.5%), Cabo Verde (+15.5%) and Cote d'Ivoire (+2.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +61.0% from 2012-2021. By contrast, Nigeria (-3.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Liberia, Guinea and Sierra Leone increased by +9.7, +6.6, +6.6 and +5.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2021, with a combined 84% share of total imports. These countries were followed by Guinea, Liberia, Sierra Leone and Cabo Verde, which together accounted for a further 9.7%.

Among the main importing countries, Sierra Leone, with a CAGR of +41.9%, recorded the highest rates of growth with regard to 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, dropping by -17% against the previous year. Over the period under review, the import price saw a mild curtailment. The pace of growth appeared the most rapid in 2013 when the import price increased by 35%. The level of import peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+6.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform