ECOWAS: Oil Crops Market 2024

Oil Crops Market Size in ECOWAS

The ECOWAS oil crops market reduced to $X in 2022, dropping by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Oil Crops Production in ECOWAS

In value terms, oil crops production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of oil crops production was Nigeria (X tons), comprising approx. X% of total volume. Moreover, oil crops production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), fivefold. The third position in this ranking was taken by Cote d'Ivoire (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

In 2022, the average yield of oil crops (primary) in ECOWAS amounted to X tons per ha, almost unchanged from the previous year's figure. Over the period under review, the yield, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the oil crops yield hit record highs at X tons per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the oil crops harvested area in ECOWAS shrank slightly to X ha, leveling off at the year before. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. The level of harvested area peaked at X ha in 2021, and then contracted in the following year.

Oil Crops Exports

Exports in ECOWAS

In 2022, the amount of oil crops (primary) exported in ECOWAS surged to X tons, with an increase of X% on the previous year. Over the period under review, exports posted resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, oil crops exports expanded notably to $X in 2022. In general, exports showed a modest expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Togo (X tons) was the largest exporter of oil crops (primary), making up X% of total exports. It was distantly followed by Nigeria (X tons), Benin (X tons), Burkina Faso (X tons) and Ghana (X tons), together creating a X% share of total exports. The following exporters - Mali (X tons) and Cote d'Ivoire (X tons) - each finished at a X% share of total exports.

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

In value terms, Nigeria ($X) remains the largest oil crops supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a X% share of total exports. It was followed by Togo, with an X% share.

In Nigeria, oil crops exports plunged by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Burkina Faso (X% per year) and Togo (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price saw a deep contraction. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 Mali ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Oil Crops Imports

Imports in ECOWAS

In 2022, supplies from abroad of oil crops (primary) decreased by X% to X tons, falling for the third consecutive year after three years of growth. In general, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, oil crops imports skyrocketed to $X in 2022. Over the period under review, imports, however, posted buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons), Burkina Faso (X tons), Togo (X tons) and Mali (X tons) represented the main importer of oil crops (primary) in ECOWAS, achieving X% of total import. Senegal (X tons) took a little share 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, Nigeria ($X), Ghana ($X) and Togo ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Among the main importing countries, Togo, with a CAGR of X%, saw the highest growth rate of 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 2022, the import price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price showed a modest expansion. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform