ECOWAS: Explosives Market 2024

Explosives Market Size in ECOWAS

The ECOWAS explosives market expanded notably to $X in 2021, growing by 15% against the previous year. The total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.2% 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 increased by +67.5% against 2016 indices. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Explosives Production in ECOWAS

In value terms, explosives production expanded rapidly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2015 with an increase of 47% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Explosives Exports

Exports in ECOWAS

In 2021, overseas shipments of prepared explosives increased by 13% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 643%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, explosives exports declined to $X in 2021. Overall, exports recorded a perceptible increase. The pace of growth appeared the most rapid in 2019 with an increase of 47%. The level of export peaked at $X in 2020, and then fell in the following year.

Exports by Country

Burkina Faso dominates exports structure, resulting at X tons, which was approx. 93% of total exports in 2021. It was distantly followed by Ghana (X tons), achieving a 5.7% share of total exports.

Burkina Faso was also the fastest-growing in terms of the prepared explosives exports, with a CAGR of +75.2% from 2012 to 2021. Ghana experienced a relatively flat trend pattern. From 2012 to 2021, the share of Burkina Faso increased by +85 percentage points.

In value terms, Burkina Faso ($X) remains the largest explosives supplier in ECOWAS, comprising 67% of total exports. The second position in the ranking was taken by Ghana ($X), with a 28% share of total exports.

In Burkina Faso, explosives exports expanded at an average annual rate of +59.6% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, declining by -19.1% against the previous year. Over the period under review, the export price faced a sharp decrease. The pace of growth appeared the most rapid in 2015 when the export price increased by 130%. Over the period under review, the export prices attained the peak figure at $X per ton in 2016; however, from 2017 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 Ghana ($X per ton), while Burkina Faso totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-8.2%).

Explosives Imports

Imports in ECOWAS

In 2021, approx. X tons of prepared explosives were imported in ECOWAS; picking up by 6% against the year before. In general, imports recorded strong growth. The growth pace was the most rapid in 2018 with an increase of 259% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, explosives imports rose significantly to $X in 2021. Overall, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 75% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

Burkina Faso dominates imports structure, amounting to X tons, which was near 76% of total imports in 2021. It was distantly followed by Guinea (X tons) and Ghana (X tons), together generating a 12% share of total imports. Mali (X tons), Cote d'Ivoire (X tons) and Togo (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to explosives imports into Burkina Faso stood at +13.1%. At the same time, Guinea (+29.8%), Cote d'Ivoire (+21.0%), Ghana (+18.1%), Togo (+15.8%) and Mali (+14.3%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +29.8% from 2012-2021. While the share of Guinea (+4.7 p.p.) and Ghana (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Burkina Faso (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) constitutes the largest market for imported prepared explosives in ECOWAS, comprising 48% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Cote d'Ivoire, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value in Burkina Faso amounted to +5.0%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+19.0% per year) and Cote d'Ivoire (+7.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, rising by 6.4% against the previous year. Overall, the import price, however, saw a deep reduction. The pace of growth appeared the most rapid in 2015 when the import price increased by 66% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

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 Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform