ECOWAS: Industrial Roundwood Market 2025

Industrial Roundwood Market Size in ECOWAS

In 2022, the ECOWAS industrial roundwood market increased by 0.7% to $X, rising for the second consecutive year after four years of decline. In general, consumption, however, saw a slight reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Industrial Roundwood Production in ECOWAS

In value terms, industrial roundwood production shrank to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible downturn. The growth pace was the most rapid in 2014 when the production volume increased by 10%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Industrial Roundwood Exports

Exports in ECOWAS

Industrial roundwood exports contracted notably to X cubic meters in 2022, declining by -46.1% compared with the previous year's figure. Overall, exports showed a deep downturn. The growth pace was the most rapid in 2014 when exports increased by 37% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial roundwood exports contracted remarkably to $X in 2022. In general, exports saw a perceptible decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 62%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X cubic meters) and Sierra Leone (X cubic meters) represented roughly 54% of total exports in 2022. Ghana (X cubic meters) took the next position in the ranking, followed by Mali (X cubic meters), Liberia (X cubic meters) and Gambia (X cubic meters). All these countries together held approx. 43% share of total exports. Togo (X cubic meters) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Mali (with a CAGR of +59.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest industrial roundwood supplying countries in ECOWAS were Sierra Leone ($X), Nigeria ($X) and Ghana ($X), together comprising 72% of total exports. Mali, Gambia, Liberia and Togo lagged somewhat behind, together comprising a further 27%.

Mali, with a CAGR of +69.0%, recorded the highest growth rate of the value of exports, in terms of 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 cubic meter in 2022, with an increase of 8.2% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The growth pace was the most rapid in 2014 when the export price increased by 18% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per cubic meter), while Togo ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+7.7%), while the other leaders experienced more modest paces of growth.

Industrial Roundwood Imports

Imports in ECOWAS

After two years of growth, purchases abroad of industrial roundwood decreased by -21.6% to X cubic meters in 2022. In general, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 330% against the previous year. The volume of import peaked at X cubic meters in 2021, and then declined sharply in the following year.

In value terms, industrial roundwood imports reduced markedly to $X in 2022. Over the period under review, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2018 with an increase of 270%. Over the period under review, imports reached the maximum at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, Ghana (X cubic meters) represented the largest importer of industrial roundwood, creating 76% of total imports. It was distantly followed by Togo (X cubic meters) and Nigeria (X cubic meters), together comprising a 20% share of total imports. Senegal (X cubic meters) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the industrial roundwood imports, with a CAGR of +26.7% from 2012 to 2022. At the same time, Nigeria (+13.9%) and Togo (+1.4%) displayed positive paces of growth. By contrast, Senegal (-11.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana and Nigeria increased by +60 and +1.7 percentage points, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported industrial roundwood in ECOWAS, comprising 74% of total imports. The second position in the ranking was taken by Togo ($X), with an 11% share of total imports. It was followed by Nigeria, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to +29.3%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (+6.2% per year) and Nigeria (+21.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2022, which is down by -28.3% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 an increase of 37%. The level of import peaked at $X per cubic meter in 2021, and then declined sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform