Western Africa: Market for Iron and Steel Wire 2024

Exports of Iron and Steel Wire

Exports in Western Africa

In 2023, shipments abroad of iron and steel wire increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, exports enjoyed notable growth. The growth pace was the most rapid in 2022 with an increase of X%. The volume of export peaked at X tons in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

In value terms, iron and steel wire exports rose remarkably to $X in 2023. Overall, exports, however, saw a mild setback. The pace of growth appeared the most rapid in 2022 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Ghana represented the key exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by Sierra Leone (X tons) and Cote d'Ivoire (X tons), together generating a X% share of total exports. Senegal (X tons) held a little share of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Sierra Leone (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%) and Senegal (X%) illustrated a downward trend over the same period. Ghana (X p.p.) and Sierra Leone (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Ghana ($X), Sierra Leone ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Among the main exporting countries, Sierra Leone, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, falling by X% against the previous year. Overall, the export price showed a noticeable reduction. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. Over the period under review, the export prices hit record highs 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 Sierra Leone ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Imports of Iron and Steel Wire

Imports in Western Africa

Iron and steel wire imports shrank markedly to X tons in 2023, with a decrease of X% against the year before. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of X%. The volume of import peaked at X tons in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports fell notably to $X in 2023. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Ghana (X tons) was the key importer of iron and steel wire, comprising X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Guinea (X%), Cote d'Ivoire (X%), Nigeria (X%) and Burkina Faso (X%). Mauritania (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to iron and steel wire imports into Ghana stood at X%. At the same time, Guinea (X%), Mauritania (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%), Burkina Faso (X%) and Nigeria (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.), Guinea (X p.p.), Senegal (X p.p.) and Mauritania (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Cote d'Ivoire (X p.p.), Burkina Faso (X p.p.) and Nigeria (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X), Guinea ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

In terms of the main importing countries, Guinea, with a CAGR of X%, saw 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 Western Africa amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of X%. The level of import peaked at $X per ton in 2022, and then dropped 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 Guinea ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform