ECOWAS: Ureines Market 2024

Ureines Market Size in ECOWAS

The ECOWAS ureines market reduced sharply to $X in 2022, dropping by X% against the previous year. In general, consumption showed a pronounced shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Ureines Production in ECOWAS

In value terms, ureines production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume decreased by X%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2022.

Ureines Exports

Exports in ECOWAS

In 2022, shipments abroad of ureines and their derivatives and salts thereof decreased by X% to X kg for the first time since 2015, thus ending a six-year rising trend. Overall, exports saw a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ureines exports fell to $X in 2022. In general, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X kg) represented the key exporter of ureines and their derivatives and salts thereof in ECOWAS, generating X% of total export.

Cote d'Ivoire was also the fastest-growing in terms of the ureines and their derivatives and salts thereof exports, with a CAGR of X% from 2012 to 2022. Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest ureines supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire totaled X%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the export price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to X% per year.

Ureines Imports

Imports in ECOWAS

Ureines imports reduced sharply to X tons in 2022, shrinking by X% against 2021 figures. Overall, imports showed a drastic downturn. The pace of growth was the most pronounced in 2017 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, ureines imports declined modestly to $X in 2022. In general, imports saw a mild slump. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the main importer of ureines and their derivatives and salts thereof, making up X% of total imports. Ghana (X tons) held the second position in the ranking, distantly followed by Sierra Leone (X tons) and Cote d'Ivoire (X tons). All these countries together took near X% share of total imports. Senegal (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to ureines imports into Nigeria stood at X%. At the same time, Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Sierra Leone (X%) and Ghana (X%) illustrated a downward trend over the same period. While the share of Sierra Leone (X p.p.), Cote d'Ivoire (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (X p.p.) and Nigeria (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported ureines and their derivatives and salts thereof in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Sierra Leone, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Sierra Leone (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, jumping by X% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ureines import price decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2020 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the import prices remained at a somewhat lower figure.

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 Senegal ($X per ton), while Ghana ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform