ECOWAS: Spectacles And Goggles Market 2024

Spectacles And Goggles Exports

Exports in ECOWAS

In 2021, after two years of growth, there was significant decline in overseas shipments of spectacles and goggles, when their volume decreased by -23.5% to X units. Overall, exports, however, recorded measured growth. The most prominent rate of growth was recorded in 2015 with an increase of 345%. The volume of export peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, spectacles and goggles exports contracted slightly to $X in 2021. Over the period under review, exports, however, posted a notable expansion. The pace of growth was the most pronounced in 2020 when exports increased by 152%. As a result, the exports attained the peak of $X, and then contracted slightly in the following year.

Exports by Country

Senegal represented the largest exporting country with an export of about X units, which reached 63% of total exports. Nigeria (X units) took the second position in the ranking, distantly followed by Niger (X units). All these countries together held approx. 29% share of total exports. Ghana (X units) and Sierra Leone (X units) held a relatively small share of total exports.

Senegal was also the fastest-growing in terms of the spectacles and goggles exports, with a CAGR of +39.4% from 2012 to 2021. At the same time, Niger (+36.3%) and Ghana (+29.5%) displayed positive paces of growth. By contrast, Nigeria (-5.1%) and Sierra Leone (-19.6%) illustrated a downward trend over the same period. While the share of Senegal (+60 p.p.), Niger (+5.1 p.p.) and Ghana (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sierra Leone (-15.1 p.p.) and Nigeria (-22.6 p.p.) displayed negative dynamics.

In value terms, Senegal ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2021, with a combined 79% share of total exports.

Ghana, with a CAGR of +42.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, growing by 29% against the previous year. Overall, the export price continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2018 when the export price increased by 381% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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 Ghana ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+9.6%), while the other leaders experienced a decline in the export price figures.

Spectacles And Goggles Imports

Imports in ECOWAS

In 2021, imports of spectacles and goggles in ECOWAS skyrocketed to X units, increasing by 67% against the year before. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 70%. The volume of import peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, spectacles and goggles imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 50% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

Imports by Country

In 2021, Senegal (X units) represented the main importer of spectacles and goggles, making up 55% of total imports. Burkina Faso (X units) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (9%), Nigeria (6.8%), Ghana (6.8%) and Cote d'Ivoire (4.8%). Sierra Leone (X units) took a little share of total imports.

Senegal was also the fastest-growing in terms of the spectacles and goggles imports, with a CAGR of +46.8% from 2012 to 2021. At the same time, Burkina Faso (+11.3%), Cote d'Ivoire (+4.3%) and Guinea (+4.1%) displayed positive paces of growth. By contrast, Sierra Leone (-8.4%), Nigeria (-9.0%) and Ghana (-16.7%) illustrated a downward trend over the same period. While the share of Senegal (+53 p.p.), Burkina Faso (+6 p.p.) and Guinea (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sierra Leone (-3 p.p.), Nigeria (-11.7 p.p.) and Ghana (-33.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Burkina Faso ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2021, with a combined 51% share of total imports.

Burkina Faso, with a CAGR of +21.0%, saw the highest growth rate of the value of imports, among the main importing countries 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 unit in 2021, reducing by -26.2% against the previous year. Overall, the import price, however, saw strong growth. The most prominent rate of growth was recorded in 2020 an increase of 88%. As a result, import price reached the peak level of $X per unit, and then reduced sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+33.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform