ECOWAS: Zinc Market 2024

Zinc Market Size in ECOWAS

The ECOWAS zinc market dropped modestly to $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then declined slightly in the following year.

Zinc Production in ECOWAS

In value terms, zinc production dropped slightly to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.0% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 32%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Zinc Exports

Exports in ECOWAS

In 2022, after two years of decline, there was growth in overseas shipments of zinc, unwrought (not alloyed), when their volume increased by 0.1% to X tons. Over the period under review, exports posted a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 138% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, zinc exports fell slightly to $X in 2022. Overall, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 223%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Burkina Faso (X tons), together accounting for 100% of total export.

Burkina Faso was also the fastest-growing in terms of the zinc, unwrought (not alloyed) exports, with a CAGR of +10.3% from 2012 to 2022. From 2012 to 2022, the share of Burkina Faso increased by +2.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) also remains the largest zinc supplier in ECOWAS.

In Burkina Faso, zinc exports increased at an average annual rate of +18.3% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the export price, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2017 when the export price increased by 75% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 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 Burkina Faso.

From 2012 to 2022, the rate of growth in terms of prices for Burkina Faso amounted to +7.2% per year.

Zinc Imports

Imports in ECOWAS

In 2022, supplies from abroad of zinc, unwrought (not alloyed) decreased by -2.9% to X tons, falling for the ninth consecutive year after two years of growth. Over the period under review, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 3% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, zinc imports stood at $X in 2022. Overall, imports saw a abrupt descent. The pace of growth appeared the most rapid in 2017 with an increase of 24% against the previous year. Over the period under review, imports reached the peak figure 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 zinc, unwrought (not alloyed), generating 55% of total imports. Cote d'Ivoire (X tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Togo (11%) and Niger (10%).

From 2012 to 2022, average annual rates of growth with regard to zinc imports into Nigeria stood at -14.3%. At the same time, Niger (+33.9%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +33.9% from 2012-2022. By contrast, Togo (-6.1%) and Cote d'Ivoire (-19.7%) illustrated a downward trend over the same period. While the share of Niger (+10 p.p.), Togo (+6.9 p.p.) and Nigeria (+2.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-19 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported zinc, unwrought (not alloyed) in ECOWAS, comprising 69% of total imports. The second position in the ranking was held by Niger ($X), with an 11% share of total imports. It was followed by Togo, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -10.6%. In the other countries, the average annual rates were as follows: Niger (+36.7% per year) and Togo (-3.2% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, picking up by 4.2% against the previous year. Import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc import price increased by +19.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 37% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Nigeria ($X per ton), while Cote d'Ivoire ($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 (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform