ECOWAS: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in ECOWAS

The ECOWAS unvulcanised rubber market reached $X in 2021, growing by 6.2% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -5.6% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Unvulcanised Rubber Production in ECOWAS

In value terms, unvulcanised rubber production expanded rapidly to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.1% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 40% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Unvulcanised Rubber Exports

Exports in ECOWAS

In 2021, overseas shipments of unvulcanised rubber increased by 44% to X tons, rising for the fifth consecutive year after two years of decline. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.2% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, unvulcanised rubber exports surged to $X in 2021. Over the period under review, exports showed a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Nigeria (X tons) was the key exporter of unvulcanised rubber, making up 51% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 29% share, followed by Ghana (20%).

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +15.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest unvulcanised rubber supplier in ECOWAS, comprising 79% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 19% share of total exports.

In Nigeria, unvulcanised rubber exports increased at an average annual rate of +14.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-0.1% per year) and Ghana (-3.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -5.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.1%. The pace of growth appeared the most rapid in 2016 an increase of 24% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2020, and then shrank in the following year.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+8.4%), while the other leaders experienced a decline in the export price figures.

Unvulcanised Rubber Imports

Imports in ECOWAS

In 2021, approx. X tons of unvulcanised rubber were imported in ECOWAS; picking up by 69% against the previous year. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 275%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, unvulcanised rubber imports soared to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 199%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Guinea (X tons) represented the largest importer of unvulcanised rubber, creating 52% of total imports. Nigeria (X tons) ranks second in terms of the total imports with an 18% share, followed by Ghana (9.1%), Burkina Faso (6.5%) and Cote d'Ivoire (6.5%). Gambia (X tons) took a minor share of total imports.

Imports into Guinea increased at an average annual rate of +15.8% from 2012 to 2021. At the same time, Gambia (+76.9%), Burkina Faso (+55.0%) and Ghana (+6.0%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +76.9% from 2012-2021. By contrast, Cote d'Ivoire (-9.4%) and Nigeria (-11.8%) illustrated a downward trend over the same period. While the share of Guinea (+39 p.p.), Burkina Faso (+6.4 p.p.), Gambia (+3.9 p.p.) and Ghana (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-8.6 p.p.) and Nigeria (-36.3 p.p.) displayed negative dynamics.

In value terms, Guinea ($X) constitutes the largest market for imported unvulcanised rubber in ECOWAS, comprising 49% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Nigeria, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Guinea amounted to +23.5%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+10.1% per year) and Nigeria (-15.2% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, waning by -14% against the previous year. Import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unvulcanised rubber import price increased by +90.2% against 2018 indices. The pace of growth was the most pronounced in 2019 an increase of 66%. The level of import peaked at $X per ton in 2020, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+8.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform