Western Africa: Metal Letter Clip Market 2024

Metal Letter Clip Market Size in Western Africa

In 2022, the West African metal letter clip market increased by 12% to $X, rising for the sixth consecutive year after three years of decline. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Metal Letter Clip Production in Western Africa

In value terms, metal letter clip production rose sharply to $X in 2022 estimated in export price. Overall, production saw a perceptible setback. The growth pace was the most rapid in 2020 with an increase of 29% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Metal Letter Clip Exports

Exports in Western Africa

In 2022, shipments abroad of letter clips, letter corners of base metal decreased by -4.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2016 with an increase of 196%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, metal letter clip exports stood at $X in 2022. Overall, exports continue to indicate a deep downturn. The growth pace was the most rapid in 2016 when exports increased by 103%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Sierra Leone (X tons) was the key exporter of letter clips, letter corners of base metal, generating 74% of total exports. It was distantly followed by Ghana (X tons), committing a 23% share of total exports. Nigeria (X kg) held a minor share of total exports.

Sierra Leone was also the fastest-growing in terms of the letter clips, letter corners of base metal exports, with a CAGR of +4.4% from 2012 to 2022. Nigeria (-9.8%) and Ghana (-10.4%) illustrated a downward trend over the same period. Sierra Leone (+39 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Ghana saw its share reduced by -2.4% and -27.8% from 2012 to 2022, respectively.

In value terms, the largest metal letter clip supplying countries in Western Africa were Ghana ($X), Sierra Leone ($X) and Nigeria ($X), together accounting for 99% of total exports.

Ghana, with a CAGR of -2.3%, recorded the highest growth rate of the value of exports, among the main exporting countries 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 ton, growing by 6.4% against the previous year. In general, the export price, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2019 an increase of 42%. The level of export peaked at $X per ton in 2013; however, from 2014 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 Ghana ($X per ton), while Sierra Leone ($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 (+9.0%), while the other leaders experienced mixed trends in the export price figures.

Metal Letter Clip Imports

Imports in Western Africa

Metal letter clip imports skyrocketed to X tons in 2022, rising by 40% compared with the year before. Overall, imports continue to indicate a modest expansion. The growth pace was the most rapid in 2013 with an increase of 89%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, metal letter clip imports rose rapidly to $X in 2022. Total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.4% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 84%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was near 61% of total imports in 2022. Ghana (X tons) ranks second in terms of the total imports with an 8.4% share, followed by Cote d'Ivoire (7.9%) and Senegal (5.6%). The following importers - Cabo Verde (X tons), Benin (X tons) and Liberia (X tons) - together made up 10% of total imports.

From 2012 to 2022, average annual rates of growth with regard to metal letter clip imports into Nigeria stood at +5.5%. At the same time, Liberia (+26.3%), Cabo Verde (+19.5%), Benin (+5.4%), Ghana (+3.5%) and Senegal (+1.1%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +26.3% from 2012-2022. By contrast, Cote d'Ivoire (-1.8%) illustrated a downward trend over the same period. Nigeria (+20 p.p.), Cabo Verde (+3.5 p.p.), Liberia (+2.1 p.p.) and Ghana (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest metal letter clip importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Senegal ($X), together accounting for 62% of total imports. Cabo Verde, Cote d'Ivoire, Liberia and Benin lagged somewhat behind, together accounting for a further 25%.

Among the main importing countries, Liberia, with a CAGR of +29.2%, saw 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

The import price in Western Africa stood at $X per ton in 2022, with a decrease of -20.5% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal letter clip import price decreased by -34.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 47% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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 Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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