ECOWAS: Magnetic Media Market 2024

Magnetic Media Market Size in ECOWAS

The ECOWAS magnetic media market declined rapidly to $X in 2021, with a decrease of -15.7% against the previous year. In general, consumption saw a abrupt slump. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Magnetic Media Production in ECOWAS

In value terms, magnetic media production fell markedly to $X in 2021 estimated in export price. In general, production showed a slight decrease. The most prominent rate of growth was recorded in 2020 when the production volume increased by 54% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Magnetic Media Exports

Exports in ECOWAS

For the fourth consecutive year, ECOWAS recorded decline in overseas shipments of magnetic media, not recorded, except cards with a magnetic stripe, which decreased by -0.8% to X units in 2021. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2013 when exports increased by 120%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, magnetic media exports rose modestly to $X in 2021. In general, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 256% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of around X units, which finished at 49% of total exports. Ghana (X units) took a 28% share (based on physical terms) of total exports, which put it in second place, followed by Guinea (12%). The following exporters - Senegal (X units) and Niger (X units) - together made up 6.4% of total exports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +63.7%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2021, with a combined 93% share of total exports. These countries were followed by Guinea and Niger, which together accounted for a further 3.2%.

In terms of the main exporting countries, Guinea, with a CAGR of +31.3%, recorded 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 2021, the export price in ECOWAS amounted to $X per unit, increasing by 5.4% against the previous year. Overall, the export price showed strong growth. The growth pace was the most rapid in 2017 when the export price increased by 115%. Over the period under review, the export prices attained the maximum in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+35.1%), while the other leaders experienced more modest paces of growth.

Magnetic Media Imports

Imports in ECOWAS

In 2021, overseas purchases of magnetic media, not recorded, except cards with a magnetic stripe were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, saw a deep downturn. The volume of import peaked at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, magnetic media imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2017 when imports increased by 128%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Ghana was the key importing country with an import of about X units, which amounted to 57% of total imports. Guinea (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (7.2%). The following importers - Sierra Leone (X units), Benin (X units), Cote d'Ivoire (X units) and Burkina Faso (X units) - together made up 13% of total imports.

From 2012 to 2021, average annual rates of growth with regard to magnetic media imports into Ghana stood at -17.6%. At the same time, Burkina Faso (+8.4%), Guinea (+2.9%) and Benin (+2.5%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.4% from 2012-2021. By contrast, Senegal (-6.2%), Sierra Leone (-7.3%) and Cote d'Ivoire (-11.9%) illustrated a downward trend over the same period. Guinea (+14 p.p.), Senegal (+4.6 p.p.), Benin (+2.9 p.p.), Burkina Faso (+2.3 p.p.) and Sierra Leone (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -9.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Ghana ($X) and Burkina Faso ($X) constituted the countries with the highest levels of imports in 2021, with a combined 58% share of total imports. These countries were followed by Benin, Sierra Leone, Cote d'Ivoire and Guinea, which together accounted for a further 20%.

Sierra Leone, with a CAGR of +23.3%, saw the highest growth rate of 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 unit, reducing by -38.7% against the previous year. In general, the import price, however, posted strong growth. The pace of growth was the most pronounced in 2017 an increase of 131% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+33.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform