Natural latex in primary forms market in ECOWAS

Earlier Report Observations

Production of natural latex in primary forms in the ECOWAS region expanded strongly from 829 thousand tons in 2018 to 1 974 thousand tons in 2023. This sustained growth in output, with particularly sharp rises in 2021 and 2022, drove the domestic market volume from 689 thousand tons to 1 392 thousand tons over the same period.

A growing share of production was directed to foreign markets, as exports increased from 140 thousand tons to 583 thousand tons. Despite this rising external demand, the expansion of local output was sufficient to support continuous growth in the volume of latex available for internal consumption within the region.

In value terms, the market peaked at 1 025 million US dollars in 2022 before declining to 927 million dollars in 2023, even as physical volume increased. This divergence suggests changing price levels or product mix within the market during the latter part of the period.

Production natural latex in primary forms in ECOWAS

In kind, 2017-2020, K t

Top producers of natural latex in primary forms, 2017-2020

World map of production of natural latex in primary forms, 2017-2020

ECOWAS has seen natural latex in primary forms production increase for the third year in a row. In 2020, the region produced 1 179 K t, marking a 17.8% rise from the previous year. From 2017 to 2020, production grew by 57.6%, with an average annual growth rate of 16.4%.

Annual dynamics of production in ECOWAS in kind, 2017-2020, K t

Exports natural latex in primary forms from ECOWAS

Exports in kind, K t

Natural latex in primary forms exports from ECOWAS have risen for the second consecutive year. In 2020, exports reached 249.6 K t, a 34.0% increase over 2019. Between 2017 and 2020, exports grew by 29.6%, translating to an annualized rate of 9.0%. The lowest export volume was in 2018 at 139.8 K t, which also saw the largest decline of 27.4%.

Annual dynamics of product's exports from ECOWAS in kind, 2017-2020, K t

From 2017 to 2020, Malaysia was the primary destination for natural latex in primary forms from ECOWAS, accounting for 75.4% of total exports in kind, while other markets played a much smaller role.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ECOWAS in kind, 2017-2020

Exports in value, M $ US

ECOWAS's natural latex in primary forms exports in value terms have increased for the third year running. In 2020, export value totaled 148.9 M $ US, up 33.6% from 2019. Over the 2017-2020 period, exports surged by 316.5%, with a compound annual growth rate of 60.9%.

Annual dynamics of product's exports from ECOWAS in value, 2017-2020, M $ US

Throughout 2017-2020, Malaysia remained the dominant and nearly exclusive destination for exports in value terms of natural latex in primary forms from ECOWAS, holding a 91.2% share.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ECOWAS in value, 2017-2020

Imports natural latex in primary forms to ECOWAS

Imports in kind, K t

The market showed volatility during these years. Imports peaked in 2017 and hit their lowest point in 2019, with a 6.6-fold difference between these years. In 2020, ECOWAS's natural latex in primary forms import volume was 0.0 K t, an 83.3% increase from 2019. The minimum value was recorded in 2019 at 0.0 K t, which also experienced the largest decline of 63.8%.

Annual dynamics of product's imports to ECOWAS in kind, 2017-2020, K t

From 2017 to 2020, China, Malaysia, and the United Arab Emirates were the main sources for imports in kind of natural latex in primary forms to ECOWAS, with shares of 66.5%, 5.9%, and 2.8% respectively, collectively making up 75.1% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ECOWAS in kind, 2017-2020

Imports in value, M $ US

After two years of decline, ECOWAS's natural latex in primary forms imports in value terms have rebounded. In 2020, imports amounted to 0.1 M $ US, a 19.4% increase from 2019. Over the 2017-2020 period, imports fell by 48.4%, with a compound annual growth rate of -19.8%. The lowest value was in 2019 at 0.1 M $ US, which saw the largest drop of 45.5%.

Annual dynamics of product's imports to ECOWAS in value, 2017-2020, M $ US

In 2017-2020, China, Malaysia, and the United Kingdom were the principal suppliers of natural latex in primary forms to ECOWAS in value terms, with shares of 44.2%, 17.1%, and 4.5% respectively, together accounting for 65.8% of total imports.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ECOWAS in value, 2017-2020