ECOWAS: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in ECOWAS

The ECOWAS unvulcanized rubber market stood at $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Unvulcanized Rubber Production in ECOWAS

In value terms, unvulcanized rubber production rose modestly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Unvulcanized Rubber Exports

Exports in ECOWAS

After three years of growth, shipments abroad of unvulcanized rubber and articles thereof decreased by X% to X tons in 2022. Overall, exports showed a sharp downturn. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. 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 fell sharply to $X in 2022. Over the period under review, exports continue to indicate a precipitous shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana prevails in exports structure, amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by Sierra Leone (X tons), achieving a X% share of total exports. Cote d'Ivoire (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to unvulcanized rubber exports from Ghana stood at X%. At the same time, Sierra Leone (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. Sierra Leone (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Ghana ($X) emerged as the largest unvulcanized rubber supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price recorded a slight decrease. The pace of growth was the most pronounced in 2017 when the export price increased by X%. The level of export peaked at $X per ton in 2021, and then declined sharply in the following year.

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 Sierra Leone ($X per ton), while Cote d'Ivoire ($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 (X%), while the other leaders experienced a decline in the export price figures.

Unvulcanized Rubber Imports

Imports in ECOWAS

In 2022, purchases abroad of unvulcanized rubber and articles thereof increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports saw a measured increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, unvulcanized rubber imports rose sharply to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Nigeria (X tons) represented the major importer of unvulcanized rubber and articles thereof, committing X% of total imports. Ghana (X tons) held the second position in the ranking, distantly followed by Senegal (X tons) and Guinea (X tons). All these countries together took near X% share of total imports. Cote d'Ivoire (X tons), Burkina Faso (X tons) and Togo (X tons) followed a long way behind the leaders.

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

In value terms, Nigeria ($X), Ghana ($X) and Guinea ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Cote d'Ivoire, Senegal, Togo and Burkina Faso lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Burkina Faso, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2022, the import price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth was the most pronounced in 2020 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Senegal ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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