ECOWAS: Unwrought Silver Market 2024

Unwrought Silver Market Size in ECOWAS

In 2021, the ECOWAS unwrought silver market decreased by -12.5% to $X for the first time since 2016, thus ending a four-year rising trend. The total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +73.8% against 2016 indices. The level of consumption peaked at $X in 2020, and then declined in the following year.

Unwrought Silver Production in ECOWAS

In value terms, unwrought silver production fell to $X in 2021 estimated in export price. In general, production recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 15%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Unwrought Silver Exports

Exports in ECOWAS

After four years of decline, overseas shipments of silver, unwrought or in powder form increased by 44% to X tons in 2021. Overall, exports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 201%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, unwrought silver exports surged to $X in 2021. Over the period under review, exports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 148% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Senegal (X tons), Nigeria (X tons) and Guinea (X tons), together recording 88% of total export. It was distantly followed by Cote d'Ivoire (X kg), committing a 5.9% share of total exports. The following exporters - Niger (X kg) and Mali (X kg) - each finished at a 3.8% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +23.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest unwrought silver supplying countries in ECOWAS were Senegal ($X), Nigeria ($X) and Guinea ($X), with a combined 90% share of total exports.

Guinea, with a CAGR of +29.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, jumping by 27% against the previous year. Overall, the export price, however, showed a slight decline. The most prominent rate of growth was recorded in 2019 when the export price increased by 45% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 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 Guinea ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+26.5%), while the other leaders experienced a decline in the export price figures.

Unwrought Silver Imports

Imports in ECOWAS

Unwrought silver imports shrank notably to X tons in 2021, which is down by -35.3% against the previous year's figure. Over the period under review, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 397% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, unwrought silver imports declined sharply to $X in 2021. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 194% against the previous year. As a result, imports reached the peak of $X, and then contracted dramatically in the following year.

Imports by Country

Cote d'Ivoire represented the largest importing country with an import of about X kg, which resulted at 48% of total imports. Senegal (X kg) took the second position in the ranking, followed by Mali (X kg) and Guinea (X kg). All these countries together held near 52% share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of +37.0% from 2012 to 2021. At the same time, Mali (+54.3%), Senegal (+26.3%) and Guinea (+19.9%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +54.3% from 2012-2021. From 2012 to 2021, the share of Cote d'Ivoire and Mali increased by +18 and +15 percentage points, respectively.

In value terms, the largest unwrought silver importing markets in ECOWAS were Senegal ($X), Mali ($X) and Guinea ($X), with a combined 87% share of total imports.

Among the main importing countries, Mali, with a CAGR of +58.6%, saw 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 2021, declining by -14.4% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 87% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2020, and then contracted in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+15.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform