Western Africa: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Western Africa

The West African unvulcanized rubber market reached $X in 2022, picking up by 2.6% against the previous year. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Unvulcanized Rubber Production in Western Africa

In value terms, unvulcanized rubber production amounted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Unvulcanized Rubber Exports

Exports in Western Africa

In 2022, after two years of growth, there was significant decline in overseas shipments of unvulcanized rubber and articles thereof, when their volume decreased by -30.8% to X tons. Overall, exports faced a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by 242%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, unvulcanized rubber exports declined remarkably to $X in 2022. In general, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 117% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire was the major exporting country with an export of around X tons, which amounted to 66% of total exports. Ghana (X tons) held the second position in the ranking, distantly followed by Nigeria (X tons). All these countries together held near 30% share of total exports. Sierra Leone (X tons) took a relatively small share of total exports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of unvulcanized rubber and articles thereof. At the same time, Sierra Leone (+2.7%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +2.7% from 2012-2022. Nigeria experienced a relatively flat trend pattern. By contrast, Ghana (-27.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Nigeria and Sierra Leone increased by +57, +4.8 and +1.8 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest unvulcanized rubber supplier in Western Africa, comprising 71% of total exports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total exports. It was followed by Sierra Leone, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire totaled -2.2%. In the other countries, the average annual rates were as follows: Ghana (-28.7% per year) and Sierra Leone (-3.2% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, waning by -4.3% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 103%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, 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 Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-1.4%), while the other leaders experienced a decline in the export price figures.

Unvulcanized Rubber Imports

Imports in Western Africa

In 2022, supplies from abroad of unvulcanized rubber and articles thereof increased by 1.3% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% 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 +18.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 31% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, unvulcanized rubber imports reached $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +56.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 30%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Nigeria (X tons) and Ghana (X tons) represented the main importers of unvulcanized rubber and articles thereof in Western Africa, together creating 70% of total imports. Senegal (X tons) ranks next in terms of the total imports with an 11% share, followed by Guinea (5.8%) and Cote d'Ivoire (4.6%). Togo (X tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +10.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest unvulcanized rubber importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Senegal ($X), with a combined 76% share of total imports. Cote d'Ivoire, Guinea and Togo lagged somewhat behind, together accounting for a further 15%.

Togo, with a CAGR of +8.5%, saw the highest growth rate of the value of imports, in terms of 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, flattening at the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, unvulcanized rubber import price increased by +50.9% against 2018 indices. The growth pace was the most rapid in 2020 when the import price increased by 32% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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