Western Africa: Unwrought Silver Market 2025

Unwrought Silver Market Size in Western Africa

In 2021, after four years of growth, there was significant decline in the West African unwrought silver market, when its value decreased by -12.1% to $X. The total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.3% against 2016 indices. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Unwrought Silver Production in Western Africa

In value terms, unwrought silver production dropped to $X in 2021 estimated in export price. Over the period under review, production recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2020 when the production volume increased by 14%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Unwrought Silver Exports

Exports in Western Africa

In 2021, overseas shipments of silver, unwrought or in powder form increased by 34% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports, however, continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2016 when exports increased by 191% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, unwrought silver exports soared to $X in 2021. Overall, exports, however, showed a deep downturn. The growth pace was the most rapid in 2016 with an increase of 138% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X kg), Nigeria (X kg), Guinea (X kg) and Mauritania (X kg) represented roughly 90% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X kg), achieving a 5.1% share of total exports. The following exporters - Niger (X kg) and Mali (X kg) - each finished at a 3.3% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +23.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest unwrought silver supplying countries in Western Africa were Senegal ($X), Nigeria ($X) and Guinea ($X), together comprising 78% of total exports.

Guinea, with a CAGR of +29.2%, saw 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

The export price in Western Africa stood at $X per ton in 2021, picking up by 23% against the previous year. Over the period under review, the export price, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2019 an increase of 44% against the previous year. The level of export peaked 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 Guinea ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+26.5%), while the other leaders experienced a decline in the export price figures.

Unwrought Silver Imports

Imports in Western Africa

In 2021, unwrought silver imports in Western Africa contracted sharply to X tons, declining by -33.8% against the year before. Over the period under review, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 359%. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, unwrought silver imports fell remarkably to $X in 2021. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 180% against the previous year. As a result, imports attained the peak of $X, and then contracted remarkably in the following year.

Imports by Country

In 2021, Cote d'Ivoire (X kg) represented the key importer of silver, unwrought or in powder form, mixing up 46% of total imports. Senegal (X kg) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by Mali (18%) and Guinea (11%). Mauritania (X kg) held a relatively small share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of +37.0% from 2012 to 2021. At the same time, Mali (+54.3%), Senegal (+26.3%), Guinea (+19.9%) and Mauritania (+17.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +54.3% from 2012-2021. While the share of Cote d'Ivoire (+19 p.p.) and Mali (+15 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-4.3 p.p.), Mauritania (-5.7 p.p.) and Guinea (-10.6 p.p.) displayed negative dynamics.

In value terms, the largest unwrought silver importing markets in Western Africa were Senegal ($X), Mali ($X) and Guinea ($X), together comprising 80% of total imports.

Among the main importing countries, Mali, with a CAGR of +58.6%, 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

In 2021, the import price in Western Africa amounted to $X per ton, falling by -11.9% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 81% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2020, and then dropped in the following year.

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 Mauritania ($X per ton), while Cote d'Ivoire ($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 (+15.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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