ECOWAS: Fromwork Market 2024

Fromwork Market Size in ECOWAS

The ECOWAS fromwork market expanded slightly to $X in 2022, growing by 3.8% against the previous year. Overall, consumption enjoyed a prominent increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Fromwork Production in ECOWAS

In value terms, fromwork production dropped to $X in 2022 estimated in export price. Overall, production, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 73%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Fromwork Exports

Exports in ECOWAS

In 2022, shipments abroad of shuttering for concrete constructional work, shingles and shakes, of wood decreased by -8.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 39%. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, fromwork exports declined to $X in 2022. In general, exports, however, saw a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of 35%. As a result, the exports reached the peak of $X, and then declined modestly in the following year.

Exports by Country

Cote d'Ivoire prevails in exports structure, resulting at X tons, which was approx. 72% of total exports in 2022. Sierra Leone (X tons) took the second position in the ranking, followed by Ghana (X tons) and Senegal (X tons). All these countries together took near 22% share of total exports. Nigeria (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of +18.2% from 2012 to 2022. At the same time, Nigeria (+22.8%), Ghana (+14.5%), Burkina Faso (+11.1%) and Senegal (+10.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.8% from 2012-2022. By contrast, Sierra Leone (-3.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Ghana and Nigeria increased by +41, +2.6 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest fromwork supplier in ECOWAS, comprising 65% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 10% share of total exports. It was followed by Ghana, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +11.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (-4.0% per year) and Ghana (+20.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 5.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the export price increased by 11% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.7%), while the other leaders experienced a decline in the export price figures.

Fromwork Imports

Imports in ECOWAS

In 2022, approx. X tons of shuttering for concrete constructional work, shingles and shakes, of wood were imported in ECOWAS; growing by 14% on 2021 figures. Overall, imports saw buoyant growth. The pace of growth appeared the most rapid in 2020 when imports increased by 46% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, fromwork imports skyrocketed to $X in 2022. Over the period under review, imports showed a resilient increase. The growth pace was the most rapid in 2020 when imports increased by 63%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Nigeria (X tons) and Cote d'Ivoire (X tons) were the main importers of shuttering for concrete constructional work, shingles and shakes, of wood in ECOWAS, together creating 64% of total imports. Senegal (X tons) ranks next in terms of the total imports with a 9.5% share, followed by Cabo Verde (7.7%) and Benin (6.2%). Guinea-Bissau (X tons) and Gambia (X tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +40.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 82% of total imports.

Among the main importing countries, Cote d'Ivoire, with a CAGR of +42.2%, 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

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 34% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Cote d'Ivoire ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+12.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform