Western Africa: Industrial Roundwood (Non-Coniferous) Market 2024

Industrial Roundwood (Non-Coniferous) Market Size in Western Africa

In 2022, the West African industrial roundwood (non-coniferous) market increased by 0.9% to $X, rising for the second year in a row after four years of decline. In general, consumption, however, recorded a mild curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Industrial Roundwood (Non-Coniferous) Production in Western Africa

In value terms, industrial roundwood (non-coniferous) production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible decline. The growth pace was the most rapid in 2014 with an increase of 11%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Industrial Roundwood (Non-Coniferous) Exports

Exports in Western Africa

In 2022, approx. X cubic meters of industrial roundwood were exported in Western Africa; shrinking by -46.9% compared with 2021. Overall, exports saw a abrupt curtailment. The growth pace was the most rapid in 2014 with an increase of 38%. As a result, the exports reached the peak of X cubic meters. From 2015 to 2022, the growth of the (non-coniferous) exports failed to regain momentum.

In value terms, industrial roundwood (non-coniferous) exports declined significantly to $X in 2022. In general, exports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 62% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X cubic meters) and Sierra Leone (X cubic meters) represented roughly 54% of total exports in 2022. Ghana (X cubic meters) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by Mali (14%), Liberia (7.3%) and Gambia (6.8%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Mali (with a CAGR of +59.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest industrial roundwood (non-coniferous) supplying countries in Western Africa were Sierra Leone ($X), Nigeria ($X) and Ghana ($X), with a combined 72% share of total exports. Mali, Gambia and Liberia lagged somewhat behind, together comprising a further 26%.

In terms of the main exporting countries, Mali, with a CAGR of +69.1%, recorded 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 Western Africa amounted to $X per cubic meter, with an increase of 9.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2014 when the export price increased by 18% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per cubic meter), while Liberia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+7.7%), while the other leaders experienced more modest paces of growth.

Industrial Roundwood (Non-Coniferous) Imports

Imports in Western Africa

In 2022, purchases abroad of industrial roundwood decreased by -12.8% to X cubic meters, falling for the fourth year in a row after two years of growth. Overall, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 15% against the previous year. The volume of import peaked at X cubic meters in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, industrial roundwood (non-coniferous) imports dropped dramatically to $X in 2022. Over the period under review, imports continue to indicate a pronounced setback. The pace of growth was the most pronounced in 2021 when imports increased by 49%. As a result, imports reached the peak of $X, and then declined significantly in the following year.

Imports by Country

In 2022, Mauritania (X cubic meters) represented the largest importer of industrial roundwood, creating 51% of total imports. Ghana (X cubic meters) ranks second in terms of the total imports with a 31% share, followed by Nigeria (11%). The following importers - Senegal (X cubic meters) and Togo (X cubic meters) - each resulted at a 3.8% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +28.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Ghana ($X) constitutes the largest market for imported industrial roundwood in Western Africa, comprising 55% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 16% share of total imports. It was followed by Nigeria, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled +42.6%. The remaining importing countries recorded the following average annual rates of imports growth: Mauritania (-14.0% per year) and Nigeria (+20.9% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per cubic meter, falling by -16% against the previous year. Overall, the import price, however, saw a notable increase. The most prominent rate of growth was recorded in 2021 an increase of 62% against the previous year. As a result, import price attained the peak level of $X per cubic meter, and then shrank markedly in the following year.

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 Ghana ($X per cubic meter), while Mauritania ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+17.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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