ECOWAS: Tap And Valve Market 2024

Tap And Valve Exports

Exports in ECOWAS

In 2022, exports of taps, cocks, valves and similar appliances in ECOWAS skyrocketed to X tons, jumping by 30% against 2021. In general, exports, however, showed a noticeable decline. The growth pace was the most rapid in 2014 when exports increased by 84%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, tap and valve exports soared to $X in 2022. Overall, exports, however, recorded a noticeable reduction. The pace of growth was the most pronounced in 2014 with an increase of 40% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Nigeria (X tons) represented the main exporter of taps, cocks, valves and similar appliances, creating 45% of total exports. Cote d'Ivoire (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (8%), Senegal (6.5%), Mali (6.4%) and Sierra Leone (6.1%). Benin (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to tap and valve exports from Nigeria stood at -3.4%. At the same time, Benin (+35.3%), Cote d'Ivoire (+7.0%), Mali (+5.4%), Sierra Leone (+1.7%) and Senegal (+1.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +35.3% from 2012-2022. By contrast, Ghana (-19.4%) illustrated a downward trend over the same period. Cote d'Ivoire (+12 p.p.), Nigeria (+6.3 p.p.), Benin (+4.2 p.p.), Mali (+4.1 p.p.), Sierra Leone (+3 p.p.) and Senegal (+3 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -34.6% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) remains the largest tap and valve supplier in ECOWAS, comprising 37% of total exports. The second position in the ranking was taken by Ghana ($X), with an 18% share of total exports. It was followed by Cote d'Ivoire, with a 13% share.

In Nigeria, tap and valve exports contracted by an average annual rate of -2.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-9.5% per year) and Cote d'Ivoire (+2.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -8% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2013 when the export price increased by 55% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 ($X per ton), while Mali ($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 (+12.3%), while the other leaders experienced more modest paces of growth.

Tap And Valve Imports

Imports in ECOWAS

In 2022, the amount of taps, cocks, valves and similar appliances imported in ECOWAS soared to X tons, increasing by 65% against the previous year's figure. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 195%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, tap and valve imports soared to $X in 2022. Overall, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 72%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was near 91% of total imports in 2022. The following importers - Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) - each accounted for a 5.9% share of total imports.

Nigeria was also the fastest-growing in terms of the taps, cocks, valves and similar appliances imports, with a CAGR of +21.8% from 2012 to 2022. At the same time, Senegal (+12.8%), Cote d'Ivoire (+8.7%) and Ghana (+1.9%) displayed positive paces of growth. From 2012 to 2022, the share of Nigeria increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported taps, cocks, valves and similar appliances in ECOWAS, comprising 82% of total imports. The second position in the ranking was held by Ghana ($X), with a 4.4% share of total imports. It was followed by Cote d'Ivoire, with a 4.2% share.

In Nigeria, tap and valve imports increased at an average annual rate of +18.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+0.2% per year) and Cote d'Ivoire (+9.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, standing approx. at the previous year. Overall, the import price, however, showed a pronounced contraction. The pace of growth was the most pronounced in 2014 when the import price increased by 106% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform