ECOWAS: Market for Iron or Steel Wire Products 2025

Market Size for Iron or Steel Wire Products in ECOWAS

The ECOWAS market for iron or steel wire products declined remarkably to $X in 2022, reducing by X% against the previous year. Overall, consumption, however, saw pronounced growth. As a result, consumption reached the peak level of $X, and then fell sharply in the following year.

Production of Iron or Steel Wire Products in ECOWAS

In value terms, iron or steel wire product production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Iron or Steel Wire Products

Exports in ECOWAS

Iron or steel wire product exports skyrocketed to X tons in 2022, picking up by X% against 2021. Overall, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, iron or steel wire product exports surged to $X in 2022. In general, exports continue to indicate a modest increase. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the key exporter of iron or steel wire products, achieving X% of total exports. It was distantly followed by Burkina Faso (X tons), mixing up a X% share of total exports. Senegal (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the iron or steel wire products exports, with a CAGR of X% from 2012 to 2022. At the same time, Senegal (X%) displayed positive paces of growth. Burkina Faso experienced a relatively flat trend pattern. From 2012 to 2022, the share of Cote d'Ivoire increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Burkina Faso ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Senegal ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Imports of Iron or Steel Wire Products

Imports in ECOWAS

After four years of growth, overseas purchases of iron or steel wire products decreased by X% to X tons in 2022. In general, imports, however, enjoyed a perceptible expansion. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, iron or steel wire product imports declined notably to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then plummeted in the following year.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Senegal (X tons), Ghana (X tons), Liberia (X tons), Guinea (X tons), Burkina Faso (X tons), Mali (X tons) and Togo (X tons) represented the largest importers of iron or steel wire products, together mixing up X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel wire product importing markets in ECOWAS were Liberia ($X), Ghana ($X) and Nigeria ($X), together accounting for X% of total imports. Senegal, Guinea, Mali, Burkina Faso and Togo lagged somewhat behind, together comprising a further X%.

Togo, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price, however, saw a pronounced curtailment. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Liberia ($X per ton), while Togo ($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 mixed trends in the import price figures.

Source: IndexBox Platform