Western Africa: Market for Articles of Goldsmiths’ Wares of Base Metal Clad with Precious Metal 2025

Market Size for Articles of Goldsmiths’ Wares of Base Metal Clad with Precious Metal in Western Africa

The West African market for articles of goldsmiths’ wares of base metal clad with precious metal amounted to $X in 2022, surging by 1.6% against the previous year. Over the period under review, consumption, however, showed a strong increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Articles of Goldsmiths’ Wares of Base Metal Clad with Precious Metal in Western Africa

In value terms, production of articles of goldsmiths’ wares of base metal clad with precious metal rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a strong increase. The growth pace was the most rapid in 2018 when the production volume increased by 76%. Over the period under review, production of reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Articles of Goldsmiths’ Wares of Base Metal Clad with Precious Metal

Exports by Country

Nigeria (X kg) and Cote d'Ivoire (X kg) dominates metal structure, together comprising 95% of total exports. It was distantly followed by Niger (X kg), making up a 5% share of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Cote d'Ivoire (with a CAGR of +14.5%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest precious metal-clad goldsmiths ware articles of base metals supplying countries in Western Africa were Nigeria ($X), Cote d'Ivoire ($X) and Niger ($X), with a combined 3.8% share of total exports.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +23.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per kg, increasing by 251% against the previous year. Overall, the export price recorded significant growth. The growth pace was the most rapid in 2016 when the export price increased by 695%. Over the period under review, the export prices reached the peak figure at $X per kg 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 Nigeria ($X per kg), while Niger ($X per kg) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Articles of Goldsmiths’ Wares of Base Metal Clad with Precious Metal

Imports in Western Africa

In 2022, approx. X tons of articles of goldsmiths’ wares of base metal clad with precious metal were imported in Western Africa; which is down by -33.4% compared with 2021 figures. In general, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 249% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of articles of goldsmiths’ wares of base metal clad with precious metal fell remarkably to $X in 2022. Overall, imports, however, showed a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 213% against the previous year. Over the period under review, imports of hit record highs at $X in 2021, and then plummeted in the following year.

Imports by Country

The purchases of the one major importers of articles of goldsmiths’ wares of base metal clad with precious metal, namely Nigeria, represented more than two-thirds of total import.

Nigeria was also the fastest-growing in terms of the articles of goldsmiths’ wares of base metal clad with precious metal imports, with a CAGR of +17.0% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by +44 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported articles of goldsmiths’ wares of base metal clad with precious metal in Western Africa.

In Nigeria, imports of articles of goldsmiths’ wares of base metal clad with precious metal increased at an average annual rate of +9.3% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, surging by 12% against the previous year. Overall, the import price, however, continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2013 when the import price increased by 72% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -6.6% per year.

Source: IndexBox Platform

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