ECOWAS: Semi-Manufactured Silver Market 2024

Semi-Manufactured Silver Market Size in ECOWAS

The ECOWAS semi-manufactured silver market expanded to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption, however, saw a noticeable reduction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Semi-Manufactured Silver Production in ECOWAS

In value terms, semi-manufactured silver production rose remarkably to $X in 2022 estimated in export price. Overall, production, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Semi-Manufactured Silver Exports

Exports in ECOWAS

In 2022, approx. X tons of silver in semi-manufactured forms were exported in ECOWAS; which is down by X% on the year before. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, semi-manufactured silver exports contracted rapidly to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The level of export peaked at $X in 2021, and then reduced notably in the following year.

Exports by Country

Burkina Faso dominates exports structure, resulting at X tons, which was approx. X% of total exports in 2022. Ghana (X kg) followed a long way behind the leaders.

Burkina Faso was also the fastest-growing in terms of the silver in semi-manufactured forms exports, with a CAGR of X% from 2012 to 2022. Ghana (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Burkina Faso ($X) remains the largest semi-manufactured silver supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports.

In Burkina Faso, semi-manufactured silver exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price 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, semi-manufactured silver export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Semi-Manufactured Silver Imports

Imports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in supplies from abroad of silver in semi-manufactured forms, which increased by X% to X tons in 2022. In general, imports posted a strong increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, semi-manufactured silver imports shrank to $X in 2022. Over the period under review, imports, however, recorded a slight contraction. The pace of growth appeared the most rapid in 2018 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 2022, imports failed to regain momentum.

Imports by Country

Cote d'Ivoire (X kg) and Mali (X kg) were the largest importers of silver in semi-manufactured forms in 2022, reaching near X% and X% of total imports, respectively. Benin (X kg) held the next position in the ranking, distantly followed by Nigeria (X kg). All these countries together held near X% share of total imports. Liberia (X kg), Cabo Verde (X kg) and Guinea (X kg) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of X.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mali ($X) constitutes the largest market for imported silver in semi-manufactured forms in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Liberia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mali stood at X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Liberia (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price showed a deep slump. The pace of growth appeared the most rapid in 2016 when the import price increased by X%. Over the period under review, import prices hit record highs at $X,885 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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