Western Africa: Copper Wire Market 2024

Copper Wire Market Size in Western Africa

After four years of growth, the West African copper wire market decreased by -9.3% to $X in 2021. The total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.6% against 2016 indices. Over the period under review, the market reached the peak level at $X in 2020, and then reduced in the following year.

Copper Wire Production in Western Africa

In value terms, copper wire production declined to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +74.2% against 2016 indices. The growth pace was the most rapid in 2017 when the production volume increased by 33% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Copper Wire Exports

Exports in Western Africa

In 2021, approx. X tons of copper wire were exported in Western Africa; with an increase of 28% against the previous year's figure. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 31% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, copper wire exports surged to $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, reaching X tons, which was approx. 87% of total exports in 2021. It was distantly followed by Ghana (X tons), generating a 5.7% share of total exports. The following exporters - Nigeria (X tons) and Benin (X tons) - each reached a 7.5% share of total exports.

Exports from Senegal decreased at an average annual rate of -1.1% from 2012 to 2021. At the same time, Benin (+23.1%), Ghana (+14.7%) and Nigeria (+2.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +23.1% from 2012-2021. From 2012 to 2021, the share of Ghana and Benin increased by +4.1 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest copper wire supplier in Western Africa, comprising 92% of total exports. The second position in the ranking was taken by Benin ($X), with a 3.4% share of total exports. It was followed by Ghana, with a 2.2% share.

In Senegal, copper wire exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (+24.4% per year) and Ghana (+2.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 37% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 2021, the most notable rate of growth in terms of prices was attained by Benin (+1.1%), while the other leaders experienced mixed trends in the export price figures.

Copper Wire Imports

Imports in Western Africa

In 2021, overseas purchases of copper wire increased by 13% to X tons, rising for the fifth consecutive year after two years of decline. Total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +52.6% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 48%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, copper wire imports soared to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +138.2% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Cote d'Ivoire represented the major importing country with an import of about X tons, which reached 43% of total imports. Senegal (X tons) held a 23% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (17%) and Nigeria (11%). Togo (X tons) and Benin (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +20.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Nigeria ($X) constituted the countries with the highest levels of imports in 2021, with a combined 82% share of total imports.

Among the main importing countries, Cote d'Ivoire, with a CAGR of +20.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, jumping by 32% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform