ECOWAS: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in ECOWAS

In 2023, after two years of decline, there was growth in the ECOWAS crude palm oil market, when its value increased by X% to $X. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Crude Palm Oil Production in ECOWAS

In value terms, crude palm oil production rose sharply to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Crude Palm Oil Exports

Exports in ECOWAS

In 2023, overseas shipments of crude palm oil decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2022, and then shrank slightly in the following year.

In value terms, crude palm oil exports rose significantly to $X in 2023. In general, exports, however, posted a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2023, Cote d'Ivoire (X tons) was the largest exporter of crude palm oil, committing X% of total exports. Liberia (X tons) ranks second in terms of the total exports with a X% share, followed by Ghana (X%). Sierra Leone (X tons) took a minor share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sierra Leone (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Liberia ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2023, together accounting for X% of total exports. These countries were followed by Sierra Leone, which accounted for a further X%.

Sierra Leone, with a CAGR of X%, saw the highest rates of growth with regard to 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 ECOWAS stood at $X per ton in 2023, increasing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2022 to 2023, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Liberia ($X per ton) and Ghana ($X per ton), while Cote d'Ivoire ($X per ton) and Sierra Leone ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced more modest paces of growth.

Crude Palm Oil Imports

Imports in ECOWAS

In 2023, imports of crude palm oil in ECOWAS declined to X tons, waning by X% against 2022 figures. In general, imports recorded a noticeable decrease. The growth pace was the most rapid in 2014 with an increase of X%. As a result, imports reached the peak of X tons. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, crude palm oil imports contracted notably to $X in 2023. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2023, the growth of imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of crude palm oil, namely Senegal, Cote d'Ivoire and Ghana, represented more than two-thirds of total import. Togo (X tons) held the next position in the ranking, followed by Sierra Leone (X tons). All these countries together took near X% share of total imports. The following importers - Guinea (X tons) and Burkina Faso (X tons) - together made up X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Sierra Leone (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Sierra Leone, Guinea, Togo and Burkina Faso lagged somewhat behind, together comprising a further X%.

Sierra Leone, with a CAGR of X%, recorded 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 ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price, however, continues to indicate a slight expansion. The pace of growth appeared the most rapid in 2022 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform