ECOWAS: Borates Market 2024

Borates Market Size in ECOWAS

The ECOWAS borates market soared to $X in 2022, jumping by X% against the previous year. In general, consumption saw a buoyant increase. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Borates Production in ECOWAS

In value terms, borates production surged to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Borates Exports

Exports in ECOWAS

In 2022, approx. X tons of borates were exported in ECOWAS; growing by X% compared with 2021. In general, exports, however, recorded a mild curtailment. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, borates exports soared to $X in 2022. Overall, exports, however, recorded a deep slump. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria was the largest exporter of borates in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Niger (X tons), Togo (X tons) and Sierra Leone (X tons), together achieving a X% share of total exports. The following exporters - Cote d'Ivoire (X tons), Burkina Faso (X tons) and Ghana (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sierra Leone (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Nigeria ($X) and Sierra Leone ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising X% of total exports.

In terms of the main exporting countries, Sierra Leone, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, growing by X% against the previous year. In general, the export price, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2015 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced mixed trends in the export price figures.

Borates Imports

Imports in ECOWAS

In 2022, the amount of borates imported in ECOWAS stood at X tons, growing by X% on 2021. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of X%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, borates imports reached $X in 2022. In general, imports recorded a pronounced expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of borates, generating X% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons), together constituting a X% share of total imports. Ghana (X tons), Burkina Faso (X tons) and Liberia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mali (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Mali, Ghana, Burkina Faso and Liberia lagged somewhat behind, together comprising a further X%.

Mali, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among 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 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Liberia ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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