Western Africa: Base Metal Keys Market 2024

Base Metal Keys Market Size in Western Africa

The West African base metal keys market was estimated at $X in 2022, rising by 3.9% against the previous year. In general, consumption, however, recorded a pronounced contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Base Metal Keys Production in Western Africa

In value terms, base metal keys production shrank to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 49% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Base Metal Keys Exports

Exports in Western Africa

Base metal keys exports soared to X tons in 2022, surging by 226% on the previous year. Overall, exports recorded a buoyant expansion. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, base metal keys exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a deep downturn. The growth pace was the most rapid in 2016 with an increase of 121% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria dominates exports structure, reaching X tons, which was near 86% of total exports in 2022. It was distantly followed by Ghana (X kg), comprising a 7.2% share of total exports. Cote d'Ivoire (X kg) held a little share of total exports.

Exports from Nigeria increased at an average annual rate of +9.8% from 2012 to 2022. At the same time, Ghana (+24.8%) and Cote d'Ivoire (+5.0%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +24.8% from 2012-2022. From 2012 to 2022, the share of Ghana and Nigeria increased by +5.2 and +2.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest base metal keys supplier in Western Africa, comprising 56% of total exports. The second position in the ranking was taken by Ghana ($X), with a 17% share of total exports.

In Nigeria, base metal keys exports contracted by an average annual rate of -11.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+41.1% per year) and Cote d'Ivoire (-0.3% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, reducing by -54.1% against the previous year. In general, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2021 when the export price increased by 122% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 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 Cote d'Ivoire ($X per ton), while Nigeria ($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 (+13.1%), while the other leaders experienced a decline in the export price figures.

Base Metal Keys Imports

Imports in Western Africa

In 2022, the amount of base metal keys imported in Western Africa skyrocketed to X tons, picking up by 54% compared with 2021 figures. In general, imports, however, recorded a pronounced decrease. The growth pace was the most rapid in 2020 when imports increased by 78%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, base metal keys imports dropped modestly to $X in 2022. Over the period under review, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2020 when imports increased by 45%. 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

Nigeria (X tons) and Burkina Faso (X tons) dominates imports structure, together constituting 73% of total imports. Senegal (X tons) held a 9.8% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (5.1%). The following importers - Ghana (X tons), Benin (X tons) and Mauritania (X tons) - together made up 9.6% of total imports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 63% share of total imports.

Senegal, with a CAGR of +17.0%, saw the highest growth rate of 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

The import price in Western Africa stood at $X per ton in 2022, waning by -38% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 150% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, 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 Mauritania ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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