ECOWAS: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in ECOWAS

The ECOWAS market for precious metal ores and concentrates expanded rapidly to $X in 2023, growing by X% against the previous year. Overall, consumption saw a resilient expansion. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in ECOWAS

In value terms, precious metal ore and concentrate production rose rapidly to $X in 2023 estimated in export price. Over the period under review, production saw a prominent expansion. The growth pace was the most rapid in 2020 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in ECOWAS

In 2023, approx. X tons of precious metal ores and concentrates were exported in ECOWAS; rising by X% against the year before. In general, exports recorded a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, precious metal ore and concentrate exports surged to $X in 2023. Overall, exports showed a strong expansion. The pace of growth was the most pronounced in 2022 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Nigeria was the main exporter of precious metal ores and concentrates in ECOWAS, with the volume of exports amounting to X tons, which was near X% of total exports in 2023. It was distantly followed by Sierra Leone (X tons), creating a X% share of total exports. The following exporters - Ghana (X tons) and Guinea (X tons) - each recorded a X% share of total exports.

Exports from Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Guinea (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Sierra Leone experienced a relatively flat trend pattern. From 2012 to 2023, the share of Nigeria and Guinea increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) emerged as the largest precious metal ore and concentrate supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

In Ghana, precious metal ore and concentrate exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Sierra Leone (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the export price, however, enjoyed slight growth. The pace of growth appeared the most rapid in 2019 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, 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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Imports of Precious Metal Ores And Concentrates

Imports in ECOWAS

In 2023, the amount of precious metal ores and concentrates imported in ECOWAS contracted remarkably to X tons, falling by X% compared with the previous year's figure. In general, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2023, the growth of imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports rose remarkably to $X in 2023. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of $X. From 2018 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the key importing country with an import of about X tons, which reached X% of total imports. It was distantly followed by Cote d'Ivoire (X kg), Burkina Faso (X kg), Senegal (X kg), Mali (X kg) and Ghana (X kg), together mixing up a X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Burkina Faso experienced a relatively flat trend pattern. By contrast, Mali (X%) and Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Nigeria, Cote d'Ivoire, Senegal, Burkina Faso and Mali increased by X, X, X, X and X percentage points, respectively.

In value terms, Mali ($X) constitutes the largest market for imported precious metal ores and concentrates in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with an X% share.

In Mali, precious metal ore and concentrate imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, with an increase of X% against the previous year. Over the period under review, the import price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2021; however, from 2022 to 2023, import prices remained at a lower figure.

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 Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform