ECOWAS: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in ECOWAS

The ECOWAS unvulcanized rubber market expanded to $X in 2022, with an increase of 2.3% against the previous year. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Unvulcanized Rubber Production in ECOWAS

In value terms, unvulcanized rubber production expanded to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Unvulcanized Rubber Exports

Exports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas shipments of unvulcanized rubber and articles thereof, when their volume decreased by -30.7% to X tons. In general, exports showed a deep contraction. The growth pace was the most rapid in 2016 when exports increased by 244%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, unvulcanized rubber exports dropped sharply to $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 117%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the main exporter of unvulcanized rubber and articles thereof, comprising 66% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 24% share, followed by Nigeria (5.7%). Sierra Leone (X tons) followed a long way behind the leaders.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of unvulcanized rubber and articles thereof. At the same time, Sierra Leone (+2.7%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +2.7% from 2012-2022. Nigeria experienced a relatively flat trend pattern. By contrast, Ghana (-27.7%) illustrated a downward trend over the same period. Cote d'Ivoire (+57 p.p.), Nigeria (+4.8 p.p.) and Sierra Leone (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -64.6% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest unvulcanized rubber supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was held by Ghana ($X), with a 22% share of total exports. It was followed by Sierra Leone, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire totaled -2.2%. In the other countries, the average annual rates were as follows: Ghana (-28.7% per year) and Sierra Leone (-3.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, waning by -4.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 103% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-1.4%), while the other leaders experienced a decline in the export price figures.

Unvulcanized Rubber Imports

Imports in ECOWAS

In 2022, overseas purchases of unvulcanized rubber and articles thereof increased by 0.6% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.9% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by 30%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, unvulcanized rubber imports shrank to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 29% against the previous year. The level of import peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly 70% of total imports in 2022. Senegal (X tons) took the next position in the ranking, followed by Guinea (X tons) and Cote d'Ivoire (X tons). All these countries together held approx. 22% share of total imports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +10.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 78% of total imports. Cote d'Ivoire, Guinea and Togo lagged somewhat behind, together accounting for a further 16%.

Togo, with a CAGR of +8.5%, recorded the highest rates of growth with regard to 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 ton in 2022, declining by -1.7% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, unvulcanized rubber import price increased by +52.6% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by 33%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($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 (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform