ECOWAS: Lock And Key Market 2025

Lock And Key Exports

Exports in ECOWAS

In 2021, overseas shipments of padlocks, locks and keys of base metal decreased by -40.5% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, exports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of 129% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, lock and key exports surged to $X in 2021. Over the period under review, exports, however, saw a temperate increase. The growth pace was the most rapid in 2014 when exports increased by 128% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria dominates exports structure, finishing at X tons, which was near 65% of total exports in 2021. Sierra Leone (X tons) held a 9.3% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (9.1%) and Niger (7.7%). The following exporters - Senegal (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons) - each recorded a 6.1% share of total exports.

Exports from Nigeria increased at an average annual rate of +13.3% from 2012 to 2021. At the same time, Cote d'Ivoire (+13.8%), Sierra Leone (+10.1%), Cabo Verde (+9.0%), Niger (+8.2%) and Ghana (+7.0%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +13.8% from 2012-2021. Senegal experienced a relatively flat trend pattern. From 2012 to 2021, the share of Nigeria and Sierra Leone increased by +26 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) emerged as the largest lock and key supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was held by Sierra Leone ($X), with an 11% share of total exports. It was followed by Niger, with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +14.4%. In the other countries, the average annual rates were as follows: Sierra Leone (-0.9% per year) and Niger (+14.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, jumping by 128% against the previous year. In general, the export price, however, saw a noticeable contraction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 Cabo Verde ($X per ton), while Ghana ($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 (+5.4%), while the other leaders experienced mixed trends in the export price figures.

Lock And Key Imports

Imports in ECOWAS

In 2021, overseas purchases of padlocks, locks and keys of base metal decreased by -0.9% to X tons for the first time since 2017, thus ending a three-year rising trend. Total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.1% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 42% against the previous year. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, lock and key imports amounted to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +42.2% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 36%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly 61% of total imports in 2021. Senegal (X tons) held a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (9%) and Guinea (6%). Togo (X tons) and Benin (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +13.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported padlocks, locks and keys of base metal in ECOWAS, comprising 37% of total imports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 13% share.

In Ghana, lock and key imports expanded at an average annual rate of +12.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+13.2% per year) and Cote d'Ivoire (+14.6% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 10% against the previous year. Import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lock and key import price decreased by -25.2% against 2015 indices. The growth pace was the most rapid in 2015 when the import price increased by 51% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the 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 Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform