Palm nuts and kernels market in ECOWAS

Earlier Report Observations

From 2018 to 2023, the palm nuts and kernels market in ECOWAS, led by Côte d'Ivoire, experienced consistent growth in production and market volume. This expansion was primarily fueled by substantial state investments in agricultural infrastructure and a clear policy focus on local processing to increase value addition and food sovereignty. The development of agricultural sectors, including palm oil, supported by rising government budgets, directly boosted output.

The growth trajectory was further reinforced by synergies with other commodity processing chains, notably the cashew sector. A government push to process 50% of cashew nuts locally by 2025 and a reported 60% surge in local cashew processing volume in 2022 strengthened the overall agro-industrial base. This, alongside continued public policies favoring palm oil production and the valorization of palm by-products like shells and cake for local industry, contributed to the sector's resilience and expansion. Regional coordination also played a role, with ECOWAS workshops in 2024 aiming to harmonize regulations and ensure preferential treatment for palm oil within the community.

Looking ahead to 2024, the sector prepared for headwinds, including anticipated unfavorable climatic conditions that could affect harvests. Policy measures like the temporary suspension of raw cashew exports to secure supply for domestic processors and significant new budget allocations for Ivorian agriculture indicated a continued commitment to the sector. However, external factors such as rising global palm oil prices, influenced by policies like Indonesia's biodiesel mandates, introduced new variables for the regional market.

Production palm nuts and kernels in ECOWAS

In kind, 2017-2020, K t

Top producers of palm nuts and kernels, 2017-2020

World map of production of palm nuts and kernels, 2017-2020

Palm nuts and kernels production in ECOWAS has increased for the third consecutive year. In 2020, ECOWAS produced 17 489 thousand tons of palm nuts and kernels, representing a 1.1% increase compared to the previous year. Over the period from 2017 to 2020, production grew by 8.7%, with an average annual growth rate of 2.8%.

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

Exports palm nuts and kernels from ECOWAS

Exports in kind, t

The data shows irregular changes, indicating a volatile market environment. Export volumes reached their lowest point in 2019 at 2 790 tons and peaked in 2018 at 14 619 tons, representing a 5.2-fold difference between these years. In 2020, cross-border shipments of palm nuts and kernels from ECOWAS reached 7 084 tons, which is 153.9% higher than in 2019. The largest decline occurred in 2019, with a drop of 80.9%.

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

From 2017 to 2020, Italy, China, and Portugal remained the main buyers of palm nuts and kernels from ECOWAS, accounting for 36.6%, 12.5%, and 12.1% of exports in kind, respectively. Together, these three countries formed 61.1% of total exports in kind.

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, K $ US

The data reveals irregular changes, pointing to a volatile market environment. The lowest export value was recorded in 2017, while the highest was reached in 2020, reflecting a 36-fold gap between these years. In 2020, ECOWAS's export value of palm nuts and kernels amounted to 6 503 thousand US dollars, which is 833.0% higher than the previous year. The largest increase occurred in 2018, with a rise of 1,185.9%, while the largest decline was in 2019, with a drop of 69.8%.

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

Between 2017 and 2020, three main markets—China, Japan, and Turkey—together absorbed 54.8% of the total export value of palm nuts and kernels from ECOWAS.

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

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

Imports palm nuts and kernels to ECOWAS

Imports in kind, t

The volume of palm nuts and kernels imports into ECOWAS has increased for the third consecutive year. In 2020, imports reached 3 564 tons, marking a sharp rise of 66.5% compared to 2019. Between 2017 and 2020, imports grew by 822,976.3%, equating to an annualized rate of 1,919.0%.

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

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, K $ US

ECOWAS's palm nuts and kernels import volume has increased for the third consecutive year. In 2020, imports were recorded at 10 423 thousand US dollars, representing a steep rise of 66.2% compared to the previous year. Over the period from 2017 to 2020, imports increased by 517%, with an average annual growth rate of 83.4%.

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

From 2017 to 2020, Indonesia maintained the top position among suppliers of palm nuts and kernels to ECOWAS, with a share of 1.9%.

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

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