ECOWAS: Nitrates Market 2024

Nitrates Market Size in ECOWAS

The ECOWAS nitrates market expanded rapidly to $X in 2021, rising by 15% against the previous year. In general, consumption showed a buoyant increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Nitrates Production in ECOWAS

In value terms, nitrates production rose notably to $X in 2021 estimated in export price. Over the period under review, production posted a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 77%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Nitrates Exports

Exports in ECOWAS

In 2021, the amount of nitrates (excluding those of potassium) exported in ECOWAS contracted to X tons, with a decrease of -12.2% against 2020. In general, exports faced a abrupt descent. The growth pace was the most rapid in 2020 when exports increased by 78% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, nitrates exports soared to $X in 2021. Over the period under review, exports showed a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of 35% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Burkina Faso (X tons), Mali (X tons) and Ghana (X tons), together amounting to 90% of total export. It was distantly followed by Guinea (X tons), achieving a 6.7% share of total exports. Cote d'Ivoire (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of +21.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) remains the largest nitrates supplier in ECOWAS, comprising 54% of total exports. The second position in the ranking was taken by Ghana ($X), with a 23% share of total exports. It was followed by Mali, with a 19% share.

In Burkina Faso, nitrates exports increased at an average annual rate of +37.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-21.1% per year) and Mali (-0.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 49% against the previous year. Overall, the export price saw prominent growth. The level of export peaked at $X per ton in 2019; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+13.3%), while the other leaders experienced mixed trends in the export price figures.

Nitrates Imports

Imports in ECOWAS

In 2021, overseas purchases of nitrates (excluding those of potassium) were finally on the rise to reach X tons after two years of decline. Over the period under review, imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2015 when imports increased by 45% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, nitrates imports surged to $X in 2021. Overall, imports posted a temperate expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria was the key importer of nitrates (excluding those of potassium) in ECOWAS, with the volume of imports reaching X tons, which was approx. 49% of total imports in 2021. Mali (X tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (7.4%), Burkina Faso (7%) and Guinea (5.7%). The following importers - Cote d'Ivoire (X tons) and Togo (X tons) - together made up 4.6% of total imports.

Imports into Nigeria increased at an average annual rate of +9.0% from 2012 to 2021. At the same time, Togo (+41.5%), Guinea (+25.8%), Ghana (+24.0%), Cote d'Ivoire (+12.2%) and Burkina Faso (+1.4%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +41.5% from 2012-2021. By contrast, Mali (-3.4%) illustrated a downward trend over the same period. While the share of Nigeria (+14 p.p.), Ghana (+5.7 p.p.), Guinea (+4.6 p.p.) and Togo (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Burkina Faso (-2.7 p.p.) and Mali (-25.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest nitrates importing markets in ECOWAS were Nigeria ($X), Mali ($X) and Burkina Faso ($X), together accounting for 72% of total imports. Ghana, Guinea, Togo and Cote d'Ivoire lagged somewhat behind, together accounting for a further 25%.

Among the main importing countries, Togo, with a CAGR of +37.2%, saw the highest rates of growth with regard to the value of imports, 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 2021, increasing by 3.1% against the previous year. In general, the import price, however, showed a mild setback. The growth pace was the most rapid in 2019 an increase of 18%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+8.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform