Western Africa: Industrial Roundwood (Coniferous) Market 2024

Industrial Roundwood (Coniferous) Market Size in Western Africa

After two years of growth, the West African industrial roundwood (coniferous) market decreased by -30.1% to $X in 2022. In general, consumption, however, enjoyed a prominent expansion. The level of consumption peaked at $X in 2021, and then contracted remarkably in the following year.

Industrial Roundwood (Coniferous) Production in Western Africa

In value terms, industrial roundwood (coniferous) production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a strong expansion. The pace of growth was the most pronounced in 2017 when the production volume increased by 53% against the previous year. The level of production peaked at $X in 2021, and then contracted in the following year.

Industrial Roundwood (Coniferous) Exports

Exports in Western Africa

In 2022, the amount of industrial roundwood (coniferous) exported in Western Africa surged to X cubic meters, increasing by 184% compared with 2021. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 1,022% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial roundwood (coniferous) exports soared to $X in 2022. Overall, exports saw a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 662%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Togo represented the major exporter of industrial roundwood (coniferous) in Western Africa, with the volume of exports finishing at X cubic meters, which was approx. 65% of total exports in 2022. Nigeria (X cubic meters) ranks second in terms of the total exports with a 16% share, followed by Benin (13%) and Ghana (5.6%).

Exports from Togo increased at an average annual rate of +35.5% from 2012 to 2022. At the same time, Benin (+70.5%) and Nigeria (+31.0%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +70.5% from 2012-2022. By contrast, Ghana (-12.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo, Nigeria and Benin increased by +61, +15 and +13 percentage points, respectively.

In value terms, Togo ($X) remains the largest industrial roundwood (coniferous) supplier in Western Africa, comprising 54% of total exports. The second position in the ranking was held by Benin ($X), with a 19% share of total exports. It was followed by Ghana, with a 15% share.

In Togo, industrial roundwood (coniferous) exports increased at an average annual rate of +48.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (+85.2% per year) and Ghana (-1.6% per year).

Export Prices by Country

The export price in Western Africa stood at $X per cubic meter in 2022, flattening at the previous year. In general, the export price, however, showed a strong expansion. The pace of growth was the most pronounced in 2020 when the export price increased by 121%. As a result, the export price reached the peak level of $X per cubic meter. From 2021 to 2022, 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 Ghana ($X per cubic meter), while Nigeria ($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 Ghana (+12.2%), while the other leaders experienced more modest paces of growth.

Industrial Roundwood (Coniferous) Imports

Imports in Western Africa

After two years of growth, purchases abroad of industrial roundwood (coniferous) decreased by -22.9% to X cubic meters in 2022. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 530%. Over the period under review, imports hit record highs at X cubic meters in 2021, and then dropped notably in the following year.

In value terms, industrial roundwood (coniferous) imports declined dramatically to $X in 2022. In general, imports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 557% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then plummeted in the following year.

Imports by Country

Ghana represented the largest importer of industrial roundwood (coniferous) in Western Africa, with the volume of imports recording X cubic meters, which was near 78% of total imports in 2022. It was distantly followed by Togo (X cubic meters), mixing up an 18% share of total imports. Senegal (X cubic meters) held a relatively small share of total imports.

Ghana was also the fastest-growing in terms of the industrial roundwood (coniferous) imports, with a CAGR of +26.4% from 2012 to 2022. At the same time, Togo (+2.0%) displayed positive paces of growth. By contrast, Senegal (-3.1%) illustrated a downward trend over the same period. Ghana (+54 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Togo saw its share reduced by -5.7% and -28.4% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported industrial roundwood (coniferous) in Western Africa, comprising 77% of total imports. The second position in the ranking was held by Togo ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to +26.2%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (+5.8% per year) and Senegal (+0.2% per year).

Import Prices by Country

The import price in Western Africa stood at $X per cubic meter in 2022, with a decrease of -33.2% against the previous year. In general, the import price, however, saw notable growth. The most prominent rate of growth was recorded in 2019 when the import price increased by 53% against the previous year. Over the period under review, import prices reached the peak figure at $X per cubic meter in 2021, and then reduced rapidly 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 Senegal ($X per cubic meter), while Togo ($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 (+3.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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