ECOWAS: Sulphur Market 2024

Sulphur Market Size in ECOWAS

The ECOWAS sulphur market reduced modestly to $X in 2022, waning by -3.6% against the previous year. Over the period under review, consumption, however, saw a sharp contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Sulphur Production in ECOWAS

In value terms, sulphur production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 18%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Sulphur Exports

Exports in ECOWAS

In 2022, shipments abroad of sulphur decreased by -99.9% to X tons, falling for the second consecutive year after two years of growth. In general, exports showed a dramatic setback. The most prominent rate of growth was recorded in 2020 with an increase of 30% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sulphur exports declined markedly to $X in 2022. Overall, exports saw a precipitous descent. The pace of growth appeared the most rapid in 2020 when exports increased by 31%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the main exporter of sulphur in ECOWAS, with the volume of exports reaching X tons, which was approx. 55% of total exports in 2022. Ghana (X kg) took the second position in the ranking, distantly followed by Nigeria (X kg). All these countries together held approx. 43% share of total exports. Togo (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of +7.6%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) emerged as the largest sulphur supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was held by Nigeria ($X), with an 18% share of total exports. It was followed by Ghana, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire stood at -1.7%. In the other countries, the average annual rates were as follows: Nigeria (-49.8% per year) and Ghana (-11.9% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 968% against the previous year. In general, the export price continues to indicate resilient growth. As a result, the export 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (+16.8%), while the other leaders experienced mixed trends in the export price figures.

Sulphur Imports

Imports in ECOWAS

In 2022, purchases abroad of sulphur increased by 0.5% to X tons for the first time since 2017, thus ending a four-year declining trend. Total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -18.7% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 32% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, sulphur imports contracted to $X in 2022. Over the period under review, imports, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2014 when imports increased by 24%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Senegal was the key importing country with an import of around X tons, which finished at 78% of total imports. Benin (X tons) ranks second in terms of the total imports with a 12% share, followed by Niger (7%). Nigeria (X tons) followed a long way behind the leaders.

Imports into Senegal increased at an average annual rate of +5.3% from 2012 to 2022. At the same time, Nigeria (+16.4%) and Benin (+6.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.4% from 2012-2022. Niger experienced a relatively flat trend pattern. From 2012 to 2022, the share of Senegal, Benin and Nigeria increased by +22, +4.3 and +2.2 percentage points, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported sulphur in ECOWAS, comprising 69% of total imports. The second position in the ranking was held by Niger ($X), with a 19% share of total imports. It was followed by Benin, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal stood at -1.2%. In the other countries, the average annual rates were as follows: Niger (-0.4% per year) and Benin (+2.3% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, reducing by -7.5% against the previous year. Over the period under review, the import price recorded a pronounced reduction. The growth pace was the most rapid in 2013 when the import price increased by 18%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform