Western Africa: Coniferous Roundwood Market 2024

Coniferous Roundwood Market Size in Western Africa

In 2022, the West African coniferous roundwood market decreased by -47.2% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, showed a temperate increase. Over the period under review, the market attained the peak level at $X in 2021, and then declined dramatically in the following year.

Coniferous Roundwood Production in Western Africa

In value terms, coniferous roundwood production fell to $X in 2022 estimated in export price. In general, production, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 133% 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.

Coniferous Roundwood Exports

Exports in Western Africa

In 2022, shipments abroad of roundwood (coniferous) increased by 189% to X cubic meters for the first time since 2019, thus ending a two-year declining trend. Overall, exports continue to indicate a measured increase. The pace of growth appeared the most rapid in 2017 when exports increased by 1,033%. As a result, the exports attained the peak of X cubic meters. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, coniferous roundwood exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The growth pace was the most rapid in 2017 when exports increased by 669%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Togo represented the key exporting country with an export of about X cubic meters, which amounted to 58% of total exports. Ghana (X cubic meters) held the second position in the ranking, distantly followed by Nigeria (X cubic meters) and Benin (X cubic meters). All these countries together took approx. 41% share of total exports.

Togo was also the fastest-growing in terms of the roundwood (coniferous) exports, with a CAGR of +35.5% from 2012 to 2022. At the same time, Benin (+35.4%), Nigeria (+31.0%) and Ghana (+15.4%) displayed positive paces of growth. From 2012 to 2022, the share of Togo, Ghana, Nigeria and Benin increased by +54, +14, +13 and +5.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest coniferous roundwood supplier in Western Africa, comprising 58% of total exports. The second position in the ranking was taken by Ghana ($X), with a 25% share of total exports. It was followed by Nigeria, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Togo totaled +48.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+24.9% per year) and Nigeria (+27.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per cubic meter in 2022, surging by 10% against the previous year. In general, the export price recorded noticeable growth. The most prominent rate of growth was recorded in 2020 an increase of 81% against the previous year. As a result, the export price reached the peak level of $X per cubic meter. From 2021 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 ($X per cubic meter), while Benin ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+9.8%), while the other leaders experienced more modest paces of growth.

Coniferous Roundwood Imports

Imports in Western Africa

In 2022, imports of roundwood (coniferous) in Western Africa shrank sharply to X cubic meters, which is down by -63.4% on 2021. Over the period under review, imports showed a noticeable decline. The pace of growth was the most pronounced in 2018 when imports increased by 536%. As a result, imports reached the peak of X cubic meters. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, coniferous roundwood imports fell markedly to $X in 2022. Overall, imports, however, showed a slight increase. The most prominent rate of growth was recorded in 2018 with an increase of 557% against the previous year. The level of import peaked at $X in 2021, and then reduced rapidly in the following year.

Imports by Country

In 2022, Togo (X cubic meters) was the key importer of roundwood (coniferous), committing 69% of total imports. Ghana (X cubic meters) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (11%). The following importers - Saint Helena, Ascension and Tristan da Cunha (X cubic meters) and Cabo Verde (X cubic meters) - each accounted for a 4.3% share of total imports.

Imports into Togo increased at an average annual rate of +2.0% from 2012 to 2022. At the same time, Cabo Verde (+6.6%) and Senegal (+1.5%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +6.6% from 2012-2022. By contrast, Ghana (-13.9%) and Saint Helena, Ascension and Tristan da Cunha (-18.2%) illustrated a downward trend over the same period. While the share of Togo (+30 p.p.) and Senegal (+4.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Saint Helena, Ascension and Tristan da Cunha (-9.3 p.p.) and Ghana (-23.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) constitutes the largest market for imported roundwood (coniferous) in Western Africa, comprising 56% of total imports. The second position in the ranking was taken by Senegal ($X), with a 12% share of total imports. It was followed by Ghana, with a 9.2% share.

In Togo, coniferous roundwood imports increased at an average annual rate of +5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+1.3% per year) and Ghana (-11.1% per year).

Import Prices by Country

The import price in Western Africa stood at $X per cubic meter in 2022, declining by -46% against the previous year. In general, the import price, however, showed tangible growth. The most prominent rate of growth was recorded in 2020 when the import price increased by 66% against the previous year. Over the period under review, import prices attained the peak figure at $X per cubic meter in 2021, and then shrank significantly in the following year.

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 ($X per cubic meter), while Saint Helena, Ascension and Tristan da Cunha ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saint Helena, Ascension and Tristan da Cunha (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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