ECOWAS: Smoothing Iron Market 2024

Smoothing Iron Market Size in ECOWAS

The ECOWAS smoothing iron market was estimated at $X in 2022, surging by X% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value 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, consumption decreased by X% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Smoothing Iron Production in ECOWAS

In value terms, smoothing iron production rose slightly to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Smoothing Iron Exports

Exports in ECOWAS

In 2022, shipments abroad of electric smoothing irons was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, smoothing iron exports skyrocketed to $X in 2022. In general, exports enjoyed prominent growth. The growth pace was the most rapid in 2015 with an increase of X%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X units) and Sierra Leone (X units) represented roughly X% of total exports in 2022. Senegal (X units) ranks next in terms of the total exports with a X% share, followed by Nigeria (X%), Cote d'Ivoire (X%) and Liberia (X%).

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

In value terms, the largest smoothing iron supplying countries in ECOWAS were Sierra Leone ($X), Ghana ($X) and Senegal ($X), together accounting for X% of total exports. Nigeria, Cote d'Ivoire and Liberia lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Cote d'Ivoire, 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 unit, flattening at the previous year. Export price indicated notable growth 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, smoothing iron export price decreased by X% against 2018 indices. The pace of growth was the most pronounced in 2014 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Liberia ($X per unit), while Ghana ($X per unit) 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 more modest paces of growth.

Smoothing Iron Imports

Imports in ECOWAS

In 2022, the amount of electric smoothing irons imported in ECOWAS skyrocketed to X units, with an increase of X% against 2021 figures. In general, imports recorded resilient growth. The pace of growth was the most pronounced in 2019 with an increase of X%. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, smoothing iron imports declined modestly to $X in 2022. Over the period under review, imports showed a prominent expansion. The pace of growth was the most pronounced in 2019 when imports increased by X%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X units) was the key importer of electric smoothing irons, comprising X% of total imports. Nigeria (X units) held the second position in the ranking, followed by Guinea (X units) and Liberia (X units). All these countries together held near X% share of total imports. The following importers - Sierra Leone (X units), Gambia (X units), Senegal (X units) and Cabo Verde (X units) - together made up X% of total imports.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Gambia (X%), Sierra Leone (X%), Guinea (X%), Liberia (X%), Senegal (X%) and Cabo Verde (X%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Guinea (X p.p.), Liberia (X p.p.), Sierra Leone (X p.p.) and Gambia (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Guinea, Liberia, Sierra Leone, Gambia and Cabo Verde lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Gambia, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 unit, shrinking by X% against the previous year. Overall, the import price continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per unit), while Guinea ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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