ECOWAS: Primary Fiber Crops Market 2024

Primary Fiber Crops Market Size in ECOWAS

In 2022, the ECOWAS primary fiber crops market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. 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. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Primary Fiber Crops Production in ECOWAS

In value terms, primary fiber crops production dropped to $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 growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Primary Fiber Crops Exports

Exports in ECOWAS

In 2022, the amount of fiber crops (primary) exported in ECOWAS contracted to X tons, with a decrease of X% on 2021. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, primary fiber crops exports shrank to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of fiber crops (primary), namely Benin, Burkina Faso and Cote d'Ivoire, represented more than two-thirds of total export. It was distantly followed by Mali (X tons), making up a X% share of total exports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest primary fiber crops supplying countries in ECOWAS were Benin ($X), Burkina Faso ($X) and Cote d'Ivoire ($X), with a combined X% share of total exports. Mali and Togo lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Mali, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. The level of export peaked at $X per ton in 2014; afterwards, it flattened through to 2022.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Togo ($X per ton) and Mali ($X per ton), while Cote d'Ivoire ($X per ton) and Burkina Faso ($X per ton) were 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.

Primary Fiber Crops Imports

Imports in ECOWAS

In 2022, supplies from abroad of fiber crops (primary) decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2020 when imports increased by X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, primary fiber crops imports dropped significantly to $X in 2022. In general, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of fiber crops (primary), namely Cote d'Ivoire, Ghana and Nigeria, represented more than two-thirds of total import. It was distantly followed by Togo (X tons), making up a X% share of total imports. The following importers - Senegal (X tons), Gambia (X tons) and Guinea (X tons) - together made up X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Gambia (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 Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Gambia, Guinea, Togo and Senegal lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Gambia, 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

The import price in ECOWAS stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform