Western Africa: Sodium Nitrate Market 2024

Sodium Nitrate Market Size in Western Africa

The West African sodium nitrate market was estimated at $X in 2022, growing by 11% against the previous year. In general, consumption recorded a resilient increase. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Sodium Nitrate Production in Western Africa

In value terms, sodium nitrate production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 19%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Sodium Nitrate Exports

Exports in Western Africa

In 2022, sodium nitrate exports in Western Africa soared to X tons, increasing by 180% against 2021. In general, exports showed significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 730%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, sodium nitrate exports skyrocketed to $X in 2022. Overall, exports continue to indicate a prominent increase. The growth pace was the most rapid in 2015 when exports increased by 2,650% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana represented the largest exporting country with an export of about X tons, which amounted to 70% of total exports. Mali (X tons) ranks second in terms of the total exports with a 13% share, followed by Burkina Faso (12%) and Togo (5.6%).

From 2012 to 2022, average annual rates of growth with regard to sodium nitrate exports from Ghana stood at +23.1%. At the same time, Burkina Faso (+24.6%) and Mali (+17.1%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +24.6% from 2012-2022. By contrast, Togo (-13.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo and Burkina Faso increased by +5.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest sodium nitrate supplier in Western Africa, comprising 59% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 24% share of total exports. It was followed by Mali, with a 13% share.

In Ghana, sodium nitrate exports expanded at an average annual rate of +3.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+29.2% per year) and Mali (+9.1% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, picking up by 14% against the previous year. Over the period under review, the export price, however, faced a abrupt slump. The pace of growth appeared the most rapid in 2015 an increase of 1,242% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 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 Burkina Faso ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+3.6%), while the other leaders experienced a decline in the export price figures.

Sodium Nitrate Imports

Imports in Western Africa

In 2022, imports of sodium nitrate in Western Africa soared to X tons, with an increase of 25% compared with the previous year. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2020 when imports increased by 163%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, sodium nitrate imports skyrocketed to $X in 2022. In general, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 158%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria (X tons) and Ghana (X tons) dominates imports structure, together creating 86% of total imports. Guinea (X tons) ranks next in terms of the total imports with a 5.4% share, followed by Mauritania (4.7%).

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +43.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Mauritania ($X) were the countries with the highest levels of imports in 2022, with a combined 90% share of total imports. Guinea lagged somewhat behind, accounting for a further 4.6%.

Guinea, with a CAGR of +29.1%, recorded the highest growth rate of the value of imports, among 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, dropping by -6.9% against the previous year. In general, the import price showed a perceptible slump. The pace of growth appeared the most rapid in 2013 when the import price increased by 26% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Ghana ($X per ton) and Mauritania ($X per ton), while Nigeria ($X per ton) and Guinea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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