ECOWAS: Container Market 2024

Container Market Size in ECOWAS

The ECOWAS container market reduced slightly to $X in 2023, remaining stable against the previous year. The total consumption indicated perceptible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Container Production in ECOWAS

In value terms, container production amounted to $X in 2023 estimated in export price. The total production indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Container Exports

Exports in ECOWAS

Container exports surged to X units in 2023, increasing by X% on the previous year. In general, exports continue to indicate resilient growth. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, container exports reduced to $X in 2023. Overall, exports continue to indicate a mild expansion. The growth pace was the most rapid in 2022 with an increase of X%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

Nigeria represented the main exporter of tanks, casks, drums, cans, boxes and similar containers in ECOWAS, with the volume of exports recording X units, which was near X% of total exports in 2023. Cote d'Ivoire (X units) ranks second in terms of the total exports with a X% share, followed by Benin (X%).

Nigeria was also the fastest-growing in terms of the tanks, casks, drums, cans, boxes and similar containers exports, with a CAGR of X% from 2012 to 2023. At the same time, Benin (X%) displayed positive paces of growth. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.) and Benin (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Cote d'Ivoire (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest container supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports.

In Nigeria, container exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Benin (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per unit, declining by X% against the previous year. Over the period under review, the export price continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2022 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Benin (less than $X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Container Imports

Imports in ECOWAS

In 2023, approx. X units of tanks, casks, drums, cans, boxes and similar containers were imported in ECOWAS; which is down by X% compared with the previous year's figure. In general, imports, however, posted prominent growth. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports reached the peak of X units. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, container imports shrank to $X in 2023. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2022, and then dropped in the following year.

Imports by Country

The purchases of the twelve major importers of tanks, casks, drums, cans, boxes and similar containers, namely Guinea, Ghana, Senegal, Cote d'Ivoire, Nigeria, Togo, Sierra Leone, Benin, Liberia, Burkina Faso, Mali and Cabo Verde, represented more than two-thirds of total import.

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, Guinea ($X), Ghana ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Cote d'Ivoire, Togo, Nigeria, Sierra Leone, Liberia, Benin, Burkina Faso, Mali and Cabo Verde lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Sierra Leone, with a CAGR of X%, recorded the highest growth rate of 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 2023, the import price in ECOWAS amounted to $X per unit, standing approx. at the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per unit in 2014; however, from 2015 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 Togo ($X per unit), while Benin ($X per unit) 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