ECOWAS: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in ECOWAS

The ECOWAS refined palm oil market amounted to $X in 2023, with an increase of X% against the previous year. In general, consumption posted strong growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Refined Palm Oil Production in ECOWAS

In value terms, refined palm oil production dropped to $X in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports in ECOWAS

In 2023, after two years of growth, there was significant decline in shipments abroad of refined palm oil, when their volume decreased by X% to X tons. Total exports indicated mild growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2022, and then reduced dramatically in the following year.

In value terms, refined palm oil exports reduced notably to $X in 2023. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then reduced sharply in the following year.

Exports by Country

Cote d'Ivoire (X tons) and Togo (X tons) prevails in exports structure, together committing X% of total exports. Ghana (X tons), Sierra Leone (X tons) and Niger (X tons) took a little share of total exports.

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

In value terms, Cote d'Ivoire ($X) remains the largest refined palm oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire totaled X%. In the other countries, the average annual rates were as follows: Togo (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price recorded a slight reduction. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then reduced rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Refined Palm Oil Imports

Imports in ECOWAS

In 2023, imports of refined palm oil in ECOWAS skyrocketed to X tons, growing by X% compared with the previous year's figure. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2015 when imports increased by X%. The volume of import peaked in 2023 and is likely to see steady growth in the near future.

In value terms, refined palm oil imports declined modestly to $X in 2023. Over the period under review, imports recorded a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Togo (X tons), distantly followed by Benin (X tons), Senegal (X tons), Niger (X tons), Nigeria (X tons), Burkina Faso (X tons), Ghana (X tons) and Mali (X tons) represented the main importers of refined palm oil, together committing X% of total imports.

Togo was also the fastest-growing in terms of the refined palm oil imports, with a CAGR of X% from 2012 to 2023. At the same time, Nigeria (X%), Niger (X%), Burkina Faso (X%), Benin (X%), Mali (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. While the share of Togo (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Burkina Faso (X p.p.), Mali (X p.p.), Ghana (X p.p.), Benin (X p.p.) and Senegal (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined palm oil importing markets in ECOWAS were Senegal ($X), Benin ($X) and Nigeria ($X), together accounting for X% of total imports. Togo, Ghana, Mali, Niger and Burkina Faso lagged somewhat behind, together accounting for a further X%.

Togo, with a CAGR of X%, 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

In 2023, the import price in ECOWAS amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price showed a slight reduction. The pace of growth was the most pronounced in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 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 Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform