ECOWAS: Sisal Binder Market 2024

Sisal Binder Market Size in ECOWAS

The ECOWAS sisal binder market expanded significantly to $X in 2022, increasing by 6.1% against the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -16.6% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Sisal Binder Production in ECOWAS

In value terms, sisal binder production expanded significantly to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 29% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Sisal Binder Exports

Exports in ECOWAS

In 2022, approx. X tons of sisal binder or baler (agricultural) twines were exported in ECOWAS; growing by 13% compared with the year before. In general, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 1,811%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, sisal binder exports rose slightly to $X in 2022. Over the period under review, exports, however, faced a sharp contraction. The most prominent rate of growth was recorded in 2020 with an increase of 2,412% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the largest exporting country with an export of about X tons, which accounted for 61% of total exports. Ghana (X kg) held the second position in the ranking, distantly followed by Nigeria (X kg). All these countries together took near 39% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sisal binder exports from Cote d'Ivoire stood at -13.2%. At the same time, Nigeria (+31.8%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +31.8% from 2012-2022. By contrast, Ghana (-4.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana and Nigeria increased by +13 and +9 percentage points, respectively.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022.

Nigeria, with a CAGR of +27.3%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by -9.3% against the previous year. Over the period under review, the export price recorded a abrupt slump. The pace of growth appeared the most rapid in 2018 an increase of 75% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 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 ($X per ton), while Cote d'Ivoire ($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 (+2.2%), while the other leaders experienced a decline in the export price figures.

Sisal Binder Imports

Imports in ECOWAS

In 2022, the amount of sisal binder or baler (agricultural) twines imported in ECOWAS rose notably to X tons, picking up by 5.5% against the previous year's figure. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 211%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, sisal binder imports skyrocketed to $X in 2022. Overall, imports showed a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 121% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was approx. 84% of total imports in 2022. It was distantly followed by Niger (X tons), generating a 5.9% share of total imports. The following importers - Ghana (X tons) and Guinea (X tons) - each resulted at a 5.6% share of total imports.

Imports into Nigeria increased at an average annual rate of +18.8% from 2012 to 2022. At the same time, Niger (+32.6%) and Guinea (+32.6%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +32.6% from 2012-2022. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+26 p.p.), Niger (+4.5 p.p.) and Guinea (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-9.4 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported sisal binder or baler (agricultural) twines in ECOWAS, comprising 78% of total imports. The second position in the ranking was taken by Guinea ($X), with a 7.4% share of total imports. It was followed by Niger, with a 4.4% share.

In Nigeria, sisal binder imports expanded at an average annual rate of +21.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guinea (+33.6% per year) and Niger (+32.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, jumping by 18% against the previous year. Over the period under review, the import price, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2016 when the import price increased by 34%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform