ECOWAS: Metal Non-Electric Bell Market 2024

Metal Non-Electric Bell Market Size in ECOWAS

The ECOWAS metal non-electric bell market skyrocketed to $X in 2021, increasing by 23% against the previous year. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Metal Non-Electric Bell Production in ECOWAS

In value terms, metal non-electric bell production soared to $X in 2021 estimated in export price. Overall, production saw a buoyant increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 51% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Metal Non-Electric Bell Exports

Exports in ECOWAS

In 2021, approx. X tons of non-electric bells and gongs of base metal were exported in ECOWAS; jumping by 231% on 2020 figures. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 565%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, metal non-electric bell exports soared to $X in 2021. Over the period under review, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 414%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

In 2021, Ghana (X kg) represented the key exporter of non-electric bells and gongs of base metal, making up 64% of total exports. Senegal (X kg) ranks second in terms of the total exports with a 20% share, followed by Niger (5.9%) and Burkina Faso (4.8%). Nigeria (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to metal non-electric bell exports from Ghana stood at +45.5%. At the same time, Senegal (+64.7%), Niger (+15.4%), Burkina Faso (+14.8%) and Nigeria (+11.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +64.7% from 2012-2021. While the share of Ghana (+40 p.p.) and Senegal (+17 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Burkina Faso (-10.7 p.p.), Nigeria (-11.4 p.p.) and Niger (-12.2 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) emerged as the largest metal non-electric bell supplier in ECOWAS, comprising 51% of total exports. The second position in the ranking was held by Senegal ($X), with a 25% share of total exports. It was followed by Niger, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Ghana stood at +39.8%. In the other countries, the average annual rates were as follows: Senegal (+68.7% per year) and Niger (+29.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, waning by -58.2% against the previous year. In general, the export price saw a pronounced slump. The pace of growth was the most pronounced in 2020 an increase of 96% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+12.4%), while the other leaders experienced more modest paces of growth.

Metal Non-Electric Bell Imports

Imports in ECOWAS

In 2021, overseas purchases of non-electric bells and gongs of base metal increased by 85% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2017 with an increase of 216%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, metal non-electric bell imports soared to $X in 2021. In general, imports saw a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Ghana (X tons) and Sierra Leone (X tons) represented the largest importers of non-electric bells and gongs of base metal in 2021, reaching near 30% and 26% of total imports, respectively. Cote d'Ivoire (X tons) held the next position in the ranking, distantly followed by Senegal (X tons), Nigeria (X tons) and Togo (X tons). All these countries together held approx. 37% share of total imports. Benin (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Sierra Leone (with a CAGR of +72.7%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest metal non-electric bell importing markets in ECOWAS were Sierra Leone ($X), Nigeria ($X) and Ghana ($X), with a combined 62% share of total imports.

Among the main importing countries, Sierra Leone, with a CAGR of +79.7%, recorded 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

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 38% against the previous year. Import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the import price increased by 60% against the previous year. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+34.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform