ECOWAS: Metal Chain Parts Market 2024

Metal Chain Parts Market Size in ECOWAS

The ECOWAS metal chain parts market declined rapidly to $X in 2022, with a decrease of X% against the previous year. In general, consumption, however, continues to indicate a significant expansion. As a result, consumption reached the peak level of $X, and then dropped notably in the following year.

Metal Chain Parts Production in ECOWAS

In value terms, metal chain parts production reduced sharply to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Metal Chain Parts Exports

Exports in ECOWAS

In 2022, approx. X tons of parts of chains of iron or steel were exported in ECOWAS; reducing by X% on 2021 figures. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, metal chain parts exports contracted dramatically to $X in 2022. In general, exports recorded a perceptible reduction. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X tons) and Senegal (X tons) dominates exports structure, together creating X% of total exports. Burkina Faso (X kg) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X) remains the largest metal chain parts supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with an X% share of total exports.

In Ghana, metal chain parts exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price faced a deep setback. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Metal Chain Parts Imports

Imports in ECOWAS

In 2022, metal chain parts imports in ECOWAS declined dramatically to X tons, falling by X% against 2021 figures. In general, imports, however, continue to indicate a mild increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, metal chain parts imports shrank notably to $X in 2022. Over the period under review, imports recorded a abrupt decline. The growth pace was the most rapid in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of parts of chains of iron or steel, constituting X% of total imports. Burkina Faso (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Togo (X%), Cote d'Ivoire (X%), Ghana (X%), Liberia (X%) and Senegal (X%).

From 2012 to 2022, average annual rates of growth with regard to metal chain parts imports into Nigeria stood at X%. At the same time, Liberia (X%), Burkina Faso (X%), Togo (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Burkina Faso, Togo, Liberia and Cote d'Ivoire increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X), Nigeria ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports.

In terms of the main importing countries, Togo, with a CAGR of X%, 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

The import price in ECOWAS stood at $X per ton in 2022, rising by X% against the previous year. In general, the import price, however, saw a deep contraction. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Togo ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform