ECOWAS: Market for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike 2024

Market Size for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in ECOWAS

The ECOWAS gum or wood oils market reached $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, consumption, however, showed a deep contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in ECOWAS

In value terms, gum or wood oils production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Exports in ECOWAS

In 2022, shipments abroad of gum, wood or sulphate turpentine oils, pine oil and other alike increased by X% to X tons, rising for the fourth year in a row after three years of decline. Over the period under review, exports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2015 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, gum or wood oils exports reduced modestly to $X in 2022. Overall, exports, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2015 when exports increased by X%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, resulting at X tons, which was approx. X% of total exports in 2022. Ghana (X kg) held a relatively small share of total exports.

Nigeria was also the fastest-growing in terms of the gum, wood or sulphate turpentine oils, pine oil and other alike exports, with a CAGR of X% from 2012 to 2022. Ghana (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest gum or wood oils supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price recorded a pronounced setback. The growth pace was the most rapid in 2016 an increase of X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Imports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Imports in ECOWAS

Gum or wood oils imports contracted remarkably to X tons in 2022, waning by X% against the previous year. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, gum or wood oils imports declined sharply to $X in 2022. Over the period under review, imports recorded a noticeable slump. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of gum, wood or sulphate turpentine oils, pine oil and other alike, constituting X% of total imports. It was distantly followed by Senegal (X tons), Sierra Leone (X tons), Ghana (X tons) and Liberia (X tons), together constituting a X% share of total imports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to gum or wood oils imports into Nigeria stood at X%. At the same time, Sierra Leone (X%), Senegal (X%), Liberia (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. Senegal (X p.p.), Sierra Leone (X p.p.), Liberia (X p.p.) and Guinea (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported gum, wood or sulphate turpentine oils, pine oil and other alike in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Sierra Leone, with an X% share.

In Nigeria, gum or wood oils imports contracted by an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Sierra Leone (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, reducing by X% against the previous year. In general, the import price, however, saw prominent growth. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. As a result, import price attained the peak level of $X per ton, and then contracted dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Guinea ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform