Western Africa: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Western Africa

The West African unvulcanised rubber market was estimated at $X in 2021, surging by 6.2% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -5.6% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Unvulcanised Rubber Production in Western Africa

In value terms, unvulcanised rubber production rose markedly to $X in 2021 estimated in export price. The total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.1% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 40%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Unvulcanised Rubber Exports

Exports in Western Africa

In 2021, shipments abroad of unvulcanised rubber increased by 44% to X tons, rising for the fifth year in a row after two years of decline. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.2% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, unvulcanised rubber exports surged to $X in 2021. Overall, exports continue to indicate a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria was the largest exporter of unvulcanised rubber in Western Africa, with the volume of exports reaching X tons, which was approx. 51% of total exports in 2021. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 29% share, followed by Ghana (20%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +15.9%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest unvulcanised rubber supplier in Western Africa, comprising 79% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 19% share of total exports.

In Nigeria, unvulcanised rubber exports increased at an average annual rate of +14.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-0.1% per year) and Ghana (-3.9% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, dropping by -5.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2016 when the export price increased by 24%. The level of export peaked at $X per ton in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, 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 Nigeria (+8.4%), while the other leaders experienced a decline in the export price figures.

Unvulcanised Rubber Imports

Imports in Western Africa

In 2021, approx. X tons of unvulcanised rubber were imported in Western Africa; increasing by 69% on the previous year. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 275% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, unvulcanised rubber imports surged to $X in 2021. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 199% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Guinea was the key importing country with an import of about X tons, which resulted at 52% of total imports. It was distantly followed by Nigeria (X tons), Ghana (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons), together achieving a 40% share of total imports. Gambia (X tons) followed a long way behind the leaders.

Imports into Guinea increased at an average annual rate of +15.8% from 2012 to 2021. At the same time, Gambia (+76.9%), Burkina Faso (+55.0%) and Ghana (+6.0%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +76.9% from 2012-2021. By contrast, Cote d'Ivoire (-9.4%) and Nigeria (-11.8%) illustrated a downward trend over the same period. While the share of Guinea (+39 p.p.), Burkina Faso (+6.4 p.p.), Gambia (+3.9 p.p.) and Ghana (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-8.6 p.p.) and Nigeria (-36.3 p.p.) displayed negative dynamics.

In value terms, Guinea ($X) constitutes the largest market for imported unvulcanised rubber in Western Africa, comprising 49% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Nigeria, with a 13% share.

In Guinea, unvulcanised rubber imports expanded at an average annual rate of +23.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+10.1% per year) and Nigeria (-15.2% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, reducing by -14% against the previous year. Import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unvulcanised rubber import price increased by +85.7% against 2018 indices. The growth pace was the most rapid in 2019 when the import price increased by 62% against the previous year. The level of import peaked at $X per ton in 2020, and then reduced 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 Ghana ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+8.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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