ECOWAS: Industrial Roundwood (Non-Coniferous) Market 2024

Industrial Roundwood (Non-Coniferous) Market Size in ECOWAS

In 2022, the ECOWAS industrial roundwood (non-coniferous) market increased by 0.9% to $X, rising for the second consecutive year after four years of decline. In general, consumption, however, saw a mild setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Industrial Roundwood (Non-Coniferous) Production in ECOWAS

In value terms, industrial roundwood (non-coniferous) production dropped modestly to $X in 2022 estimated in export price. In general, production showed a perceptible descent. The pace of growth appeared the most rapid in 2014 with an increase of 11% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Industrial Roundwood (Non-Coniferous) Exports

Exports in ECOWAS

In 2022, approx. X cubic meters of industrial roundwood were exported in ECOWAS; which is down by -46.9% against 2021. Over the period under review, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 38% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2015 to 2022, the growth of the (non-coniferous) exports remained at a somewhat lower figure.

In value terms, industrial roundwood (non-coniferous) exports contracted notably to $X in 2022. Overall, exports saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 when exports increased by 62%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat 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) ranks next in terms of the total exports with a 16% share, followed by Mali (14%), Liberia (7.3%) and Gambia (6.8%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Mali (with a CAGR of +59.6%), while the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X), Nigeria ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, with a combined 72% share of total exports. Mali, Gambia and Liberia lagged somewhat behind, together comprising a further 26%.

Among the main exporting countries, Mali, with a CAGR of +69.1%, saw the highest growth rate of 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

In 2022, the export price in ECOWAS amounted to $X per cubic meter, rising by 9.4% 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 immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per cubic meter), while Liberia ($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 (Non-Coniferous) Imports

Imports in ECOWAS

After two years of growth, overseas purchases of industrial roundwood decreased by -15.6% to X cubic meters in 2022. Overall, imports continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2016 with an increase of 83% against the previous year. Over the period under review, (non-coniferous) imports reached the maximum at X cubic meters in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, industrial roundwood (non-coniferous) imports shrank notably to $X in 2022. Over the period under review, imports, however, recorded a measured expansion. The pace of growth was the most pronounced in 2018 with an increase of 105% against the previous year. The level of import peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, Ghana (X cubic meters) was the main importer of industrial roundwood, achieving 64% of total imports. It was distantly followed by Nigeria (X cubic meters), comprising a 22% share of total imports. The following importers - Senegal (X cubic meters), Togo (X cubic meters), Cabo Verde (X cubic meters) and Guinea (X cubic meters) - together made up 13% of total imports.

Ghana was also the fastest-growing in terms of the industrial roundwood imports, with a CAGR of +28.4% from 2012 to 2022. At the same time, Nigeria (+13.6%) displayed positive paces of growth. By contrast, Togo (-6.1%), Cabo Verde (-10.7%), Senegal (-17.6%) and Guinea (-18.3%) illustrated a downward trend over the same period. While the share of Ghana (+60 p.p.) and Nigeria (+17 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Togo (-2.2 p.p.), Cabo Verde (-4.7 p.p.), Guinea (-12 p.p.) and Senegal (-19.1 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) constitutes the largest market for imported industrial roundwood in ECOWAS, comprising 66% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 17% share of total imports. It was followed by Cabo Verde, with an 8.7% share.

In Ghana, industrial roundwood (non-coniferous) imports expanded at an average annual rate of +42.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+20.9% per year) and Cabo Verde (-1.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2022, which is down by -17.6% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial roundwood (non-coniferous) import price increased by +30.4% against 2020 indices. The growth pace was the most rapid in 2021 when the import price increased by 58% against the previous year. As a result, import price attained the peak level of $X per cubic meter, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cabo Verde ($X per cubic meter), while Guinea ($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 Togo (+17.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform