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ECOWAS - Gold - Market Analysis, Forecast, Size, Trends and Insights
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View PricingECOWAS: Gold Market 2024
Gold Market Size in ECOWAS
In 2021, the ECOWAS gold market increased by 2.3% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, showed a deep slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.
Gold Production in ECOWAS
In value terms, gold production contracted to $X in 2021 estimated in export price. The total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.2% 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 increased by +72.3% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.
Gold Exports
Exports in ECOWAS
After four years of growth, overseas shipments of gold decreased by -13.3% to X tons in 2021. Overall, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 34% against the previous year. As a result, the exports attained the peak of X tons, and then shrank in the following year.
In value terms, gold exports declined to $X in 2021. Over the period under review, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 62%. As a result, the exports attained the peak of $X, and then fell in the following year.
Exports by Country
The biggest shipments were from Ghana (X tons), Guinea (X tons), Burkina Faso (X tons) and Mali (X tons), together accounting for 71% of total export. Niger (X tons) took an 8.5% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (7.6%) and Benin (6.1%).
From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +52.5%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, Guinea ($X), Ghana ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 63% of total exports. Mali, Niger, Cote d'Ivoire and Benin lagged somewhat behind, together comprising a further 30%.
Niger, with a CAGR of +44.0%, 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 kg in 2021, remaining constant against the previous year. Overall, the export price continues to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 an increase of 21% against the previous year. Over the period under review, the export prices reached the maximum at $X per kg in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guinea ($X per kg), while Benin ($X per kg) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+3.9%), while the other leaders experienced mixed trends in the export price figures.
Gold Imports
Imports in ECOWAS
In 2021, supplies from abroad of gold increased by 44% to X tons for the first time since 2013, thus ending a seven-year declining trend. Over the period under review, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 149%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.
In value terms, gold imports expanded sharply to $X in 2021. Overall, imports, however, continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2013 with an increase of 65%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.
Imports by Country
Guinea dominates imports structure, resulting at X kg, which was approx. 80% of total imports in 2021. Nigeria (X kg) took the second position in the ranking, followed by Mali (X kg). All these countries together took approx. 16% share of total imports. Sierra Leone (X kg) held a minor share of total imports.
From 2012 to 2021, average annual rates of growth with regard to gold imports into Guinea stood at -7.5%. At the same time, Nigeria (+45.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +45.4% from 2012-2021. By contrast, Mali (-1.4%) and Sierra Leone (-8.3%) illustrated a downward trend over the same period. Nigeria (+8.1 p.p.) and Mali (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Guinea saw its share reduced by -8.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Guinea ($X) constitutes the largest market for imported gold in ECOWAS, comprising 93% of total imports. The second position in the ranking was taken by Sierra Leone ($X), with a 2.4% share of total imports. It was followed by Mali, with a 1.6% share.
From 2012 to 2021, the average annual growth rate of value in Guinea totaled -4.1%. The remaining importing countries recorded the following average annual rates of imports growth: Sierra Leone (-5.8% per year) and Mali (+3.3% per year).
Import Prices by Country
The import price in ECOWAS stood at $X per kg in 2021, dropping by -24.3% against the previous year. Import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 58%. Over the period under review, import prices reached the maximum at $X per kg in 2020, and then declined notably in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guinea ($X per kg), while Nigeria ($X per kg) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+4.7%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the gold market in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)
- Prodcom 24412035 -
- Prodcom 24412040 -
- Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)
- Prodcom 24412070 - Monetary gold (including gold plated with platinum)
Country coverage:
- Benin
- Burkina Faso
- Cabo Verde
- Cote d'Ivoire
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in ECOWAS, split by region and country
- Trade (exports and imports) in ECOWAS
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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