ECOWAS: Graphite Market 2024

Graphite Market Size in ECOWAS

The ECOWAS graphite market dropped rapidly to $X in 2021, falling by -73% against the previous year. Overall, consumption, however, posted a temperate expansion. As a result, consumption reached the peak level of $X, and then plummeted in the following year.

Graphite Production in ECOWAS

In value terms, graphite production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 36%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Graphite Exports

Exports in ECOWAS

In 2021, approx. X tons of graphite (natural) were exported in ECOWAS; jumping by 26% against 2020. Overall, exports, however, faced a significant curtailment. The pace of growth was the most pronounced in 2019 with an increase of 946%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, graphite exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a sharp curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 81% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Sierra Leone (X tons) represented the major exporter of graphite (natural), committing 56% of total exports. Mali (X kg) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (11%) and Nigeria (9.1%). The following exporters - Cote d'Ivoire (X kg), Guinea (X kg) and Senegal (X kg) - together made up 7.6% of total exports.

From 2012 to 2021, average annual rates of growth with regard to graphite exports from Sierra Leone stood at +8.1%. At the same time, Mali (+43.3%) and Cote d'Ivoire (+13.6%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +43.3% from 2012-2021. By contrast, Senegal (-9.7%), Ghana (-12.2%), Guinea (-37.2%) and Nigeria (-45.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Sierra Leone, Mali, Ghana, Cote d'Ivoire and Senegal increased by +55, +14, +9.2, +3.4 and +1.8 percentage points, respectively.

In value terms, Sierra Leone ($X) remains the largest graphite supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 16% share of total exports. It was followed by Senegal, with a 5.9% share.

In Sierra Leone, graphite exports increased at an average annual rate of +17.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-36.3% per year) and Senegal (+10.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with a decrease of -8.3% against the previous year. In general, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2020 when the export price increased by 561%. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+22.4%), while the other leaders experienced more modest paces of growth.

Graphite Imports

Imports in ECOWAS

In 2021, imports of graphite (natural) in ECOWAS shrank sharply to X tons, declining by -65% against the previous year's figure. Over the period under review, imports, however, saw a notable increase. The pace of growth appeared the most rapid in 2017 with an increase of 455%. Over the period under review, imports hit record highs at X tons in 2020, and then reduced notably in the following year.

In value terms, graphite imports reduced dramatically to $X in 2021. In general, imports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 737% against the previous year. As a result, imports reached the peak of $X, and then shrank notably in the following year.

Imports by Country

In 2021, Senegal (X tons) was the major importer of graphite (natural), generating 58% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 26% share, followed by Nigeria (8.8%). Ghana (X tons) and Niger (X tons) held a minor share of total imports.

Senegal was also the fastest-growing in terms of the graphite (natural) imports, with a CAGR of +71.0% from 2012 to 2021. At the same time, Cote d'Ivoire (+35.6%) and Niger (+14.6%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. By contrast, Nigeria (-17.7%) illustrated a downward trend over the same period. Senegal (+58 p.p.) and Cote d'Ivoire (+23 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -60.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest graphite importing markets in ECOWAS were Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X), with a combined 82% share of total imports.

Senegal, with a CAGR of +63.4%, 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

In 2021, the import price in ECOWAS amounted to $X per ton, dropping by -73.9% against the previous year. Overall, the import price recorded a abrupt descent. The most prominent rate of growth was recorded in 2019 an increase of 91%. The level of import peaked at $X per ton in 2020, and then declined markedly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+7.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform