ECOWAS: Bracelet Market 2024

Bracelet Market Size in ECOWAS

In 2022, after two years of growth, there was decline in the ECOWAS bracelet market, when its value decreased by -3.4% to $X. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Bracelet Production in ECOWAS

In value terms, bracelet production expanded to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 58% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Bracelet Exports

Exports in ECOWAS

Bracelet exports dropped dramatically to X units in 2022, with a decrease of -40.6% on the year before. Over the period under review, exports showed a drastic downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 218% against the previous year. The volume of export peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, bracelet exports dropped sharply to $X in 2022. In general, exports recorded a pronounced curtailment. The growth pace was the most rapid in 2015 when exports increased by 615% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, recording X units, which was approx. 71% of total exports in 2022. It was distantly followed by Togo (X units), Mali (X units), Ghana (X units) and Senegal (X units), together creating a 28% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to bracelet exports from Nigeria stood at -6.7%. Ghana experienced a relatively flat trend pattern. Senegal (-6.0%), Mali (-8.9%) and Togo (-23.2%) illustrated a downward trend over the same period. Togo (+10 p.p.) and Ghana (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Nigeria saw its share reduced by -3% and -8.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Mali ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 84% of total exports.

Among the main exporting countries, Ghana, with a CAGR of +19.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, shrinking by -4.1% against the previous year. Over the period under review, the export price, however, posted a temperate expansion. The most prominent rate of growth was recorded in 2015 an increase of 364% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2017; however, from 2018 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 Mali ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+19.8%), while the other leaders experienced more modest paces of growth.

Bracelet Imports

Imports in ECOWAS

In 2022, imports of watch straps, bands and bracelets in ECOWAS declined remarkably to X units, reducing by -25.4% against 2021. In general, imports faced a deep slump. The pace of growth appeared the most rapid in 2019 with an increase of 200%. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, bracelet imports contracted sharply to $X in 2022. Overall, imports showed a deep slump. The pace of growth was the most pronounced in 2015 when imports increased by 69% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria (X units) and Cote d'Ivoire (X units) represented roughly 63% of total imports in 2022. Ghana (X units) took the next position in the ranking, followed by Niger (X units), Senegal (X units) and Togo (X units). All these countries together took approx. 31% share of total imports. Mali (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +54.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Niger ($X) and Ghana ($X) were the countries with the highest levels of imports in 2022, with a combined 61% share of total imports.

Niger, with a CAGR of +40.6%, saw the highest rates of growth with regard to the value of imports, in terms of 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

In 2022, the import price in ECOWAS amounted to $X per unit, rising by 9% against the previous year. Over the period under review, the import price posted a prominent increase. The growth pace was the most rapid in 2016 when the import price increased by 932% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the 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 ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+10.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform