ECOWAS: Zinc Market 2024

Zinc Market Size in ECOWAS

In 2021, the ECOWAS zinc market increased by 18% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a abrupt contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Zinc Production in ECOWAS

In value terms, zinc production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 31%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Zinc Exports

Exports in ECOWAS

In 2021, overseas shipments of zinc decreased by -22.5% to X tons, falling for the second year in a row after four years of growth. Over the period under review, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2013 when exports increased by 879%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, zinc exports dropped to $X in 2021. Overall, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 296% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Burkina Faso (X tons) represented the largest exporter of zinc in ECOWAS, committing 99% of total export.

Burkina Faso was also the fastest-growing in terms of the zinc exports, with a CAGR of +46.9% from 2012 to 2021. From 2012 to 2021, the share of Burkina Faso increased by +26 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) also remains the largest zinc supplier in ECOWAS.

From 2012 to 2021, the average annual rate of growth in terms of value in Burkina Faso totaled +44.5%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 10% against the previous year. In general, the export price, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2017 an increase of 77%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Burkina Faso.

From 2012 to 2021, the rate of growth in terms of prices for Burkina Faso amounted to -1.6% per year.

Zinc Imports

Imports in ECOWAS

In 2021, zinc imports in ECOWAS shrank notably to X tons, with a decrease of -50.3% compared with 2020 figures. Overall, imports showed a abrupt setback. The growth pace was the most rapid in 2014 with an increase of 16%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, zinc imports shrank notably to $X in 2021. Over the period under review, imports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 25%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, resulting at X tons, which was near 86% of total imports in 2021. Togo (X tons) ranks second in terms of the total imports with a 4.7% share, followed by Ghana (4.7%).

Imports into Nigeria decreased at an average annual rate of -15.7% from 2012 to 2021. At the same time, Ghana (+8.8%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.8% from 2012-2021. By contrast, Togo (-19.5%) illustrated a downward trend over the same period. While the share of Ghana (+4.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Togo (-2.7 p.p.) and Nigeria (-3.3 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported zinc in ECOWAS, comprising 90% of total imports. The second position in the ranking was held by Togo ($X), with a 4% share of total imports.

In Nigeria, zinc imports shrank by an average annual rate of -11.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Togo (-17.3% per year) and Ghana (+3.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 23% against the previous year. Import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 31% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2018; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+5.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :