Western Africa: Base Metal Hook Market 2024

Base Metal Hook Market Size in Western Africa

In 2022, the West African base metal hook market decreased by -21.8% to $X, falling for the second consecutive year after two years of growth. Overall, consumption showed a pronounced shrinkage. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Base Metal Hook Production in Western Africa

In value terms, base metal hook production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 57%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Base Metal Hook Exports

Exports in Western Africa

In 2022, overseas shipments of base metal hooks, eyes and eyelets increased by 27% to X kg, rising for the third year in a row after two years of decline. Overall, exports, however, continue to indicate a pronounced setback. The growth pace was the most rapid in 2020 with an increase of 122%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, base metal hook exports rose markedly to $X in 2022. Over the period under review, exports, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2020 when exports increased by 103% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mauritania (X kg) and Ghana (X kg) were the main exporters of base metal hooks, eyes and eyelets in 2022, reaching approx. 37% and 32% of total exports, respectively. Cote d'Ivoire (X kg) held the next position in the ranking, followed by Togo (X kg) and Senegal (X kg). All these countries together took approx. 29% share of total exports. Nigeria (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +53.6%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest base metal hook supplying countries in Western Africa were Senegal ($X), Cote d'Ivoire ($X) and Mauritania ($X), with a combined 69% share of total exports. Togo, Ghana and Nigeria lagged somewhat behind, together accounting for a further 31%.

Ghana, with a CAGR of +46.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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 Western Africa amounted to $X per ton, reducing by -12.9% against the previous year. In general, the export price saw a mild setback. The growth pace was the most rapid in 2013 an increase of 62%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, 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 Togo (+12.4%), while the other leaders experienced mixed trends in the export price figures.

Base Metal Hook Imports

Imports in Western Africa

In 2022, purchases abroad of base metal hooks, eyes and eyelets decreased by -65.9% to X tons, falling for the second year in a row after four years of growth. Overall, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 199%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, base metal hook imports dropped dramatically to $X in 2022. In general, imports saw a abrupt setback. The pace of growth appeared the most rapid in 2013 when imports increased by 98% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) was the main importer of base metal hooks, eyes and eyelets, creating 70% of total imports. Ghana (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (8.6%) and Cote d'Ivoire (5.4%).

From 2012 to 2022, average annual rates of growth with regard to base metal hook imports into Nigeria stood at -15.6%. At the same time, Senegal (+17.0%) and Cote d'Ivoire (+6.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +17.0% from 2012-2022. By contrast, Ghana (-4.2%) illustrated a downward trend over the same period. Senegal (+8.2 p.p.), Ghana (+7.6 p.p.) and Cote d'Ivoire (+4.7 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -22% from 2012 to 2022, respectively.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2022, with a combined 79% share of total imports.

In terms of the main importing countries, Senegal, with a CAGR of +18.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by 48% against the previous year. Over the period under review, the import price saw strong growth. The growth pace was the most rapid in 2014 when the import price increased by 80% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($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 (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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