ECOWAS: Coniferous Roundwood Market 2024

Coniferous Roundwood Market Size in ECOWAS

In 2022, after two years of growth, there was significant decline in the ECOWAS coniferous roundwood market, when its value decreased by -47.4% to $X. Over the period under review, consumption, however, enjoyed temperate growth. The level of consumption peaked at $X in 2021, and then contracted significantly in the following year.

Coniferous Roundwood Production in ECOWAS

In value terms, coniferous roundwood production dropped to $X in 2022 estimated in export price. Overall, production, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 133%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Coniferous Roundwood Exports

Exports in ECOWAS

In 2022, shipments abroad of roundwood (coniferous) was finally on the rise to reach X cubic meters after two years of decline. In general, exports recorded a moderate expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 1,033% against the previous year. As a result, the exports attained the peak of X cubic meters. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, coniferous roundwood exports surged to $X in 2022. Overall, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 669% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Togo (X cubic meters) represented the main exporter of roundwood (coniferous), creating 58% of total exports. It was distantly followed by Ghana (X cubic meters), Nigeria (X cubic meters) and Benin (X cubic meters), together committing a 41% share of total exports.

Togo was also the fastest-growing in terms of the roundwood (coniferous) exports, with a CAGR of +35.5% from 2012 to 2022. At the same time, Benin (+35.4%), Nigeria (+31.0%) and Ghana (+15.4%) displayed positive paces of growth. Togo (+54 p.p.), Ghana (+14 p.p.), Nigeria (+13 p.p.) and Benin (+5.2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest coniferous roundwood supplier in ECOWAS, comprising 58% of total exports. The second position in the ranking was taken by Ghana ($X), with a 25% share of total exports. It was followed by Nigeria, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Togo amounted to +48.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+24.9% per year) and Nigeria (+27.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per cubic meter in 2022, rising by 10% against the previous year. Over the period under review, the export price showed a moderate expansion. The pace of growth was the most pronounced in 2020 when the export price increased by 81% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2021 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 Ghana ($X per cubic meter), while Benin ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+9.8%), while the other leaders experienced more modest paces of growth.

Coniferous Roundwood Imports

Imports in ECOWAS

In 2022, coniferous roundwood imports in ECOWAS reduced notably to X cubic meters, which is down by -64.1% on the previous year. In general, imports saw a mild contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 615%. As a result, imports attained the peak of X cubic meters. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, coniferous roundwood imports dropped rapidly to $X in 2022. Overall, imports, however, saw a pronounced increase. The pace of growth was the most pronounced in 2018 when imports increased by 704% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then reduced sharply in the following year.

Imports by Country

Togo represented the key importer of roundwood (coniferous) in ECOWAS, with the volume of imports amounting to X cubic meters, which was approx. 71% of total imports in 2022. Ghana (X cubic meters) took the second position in the ranking, followed by Senegal (X cubic meters). All these countries together took approx. 22% share of total imports. Cabo Verde (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to coniferous roundwood imports into Togo stood at +2.0%. At the same time, Cabo Verde (+6.6%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +6.6% from 2012-2022. By contrast, Ghana (-13.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo and Senegal increased by +23 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) constitutes the largest market for imported roundwood (coniferous) in ECOWAS, comprising 60% of total imports. The second position in the ranking was taken by Senegal ($X), with a 13% share of total imports. It was followed by Ghana, with a 10% share.

In Togo, coniferous roundwood imports increased at an average annual rate of +5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+1.3% per year) and Ghana (-11.1% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per cubic meter, which is down by -48.3% against the previous year. Over the period under review, the import price, however, enjoyed a measured increase. The growth pace was the most rapid in 2020 when the import price increased by 69% against the previous year. Over the period under review, import prices attained the peak figure at $X per cubic meter in 2021, and then fell sharply in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cabo Verde ($X per cubic meter), while Togo ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform