ECOWAS: Woolen Fabric Market 2024

Woolen Fabric Market Size in ECOWAS

In 2023, the ECOWAS woolen fabric market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market reached the maximum level in 2023 and is expected to retain growth in years to come.

Woolen Fabric Production in ECOWAS

In value terms, woolen fabric production reduced modestly to $X in 2023 estimated in export price. Over the period under review, production recorded a slight setback. The pace of growth appeared the most rapid in 2015 with an increase of X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Woolen Fabric Exports

Exports in ECOWAS

In 2023, approx. X square meters of woven woolen fabrics were exported in ECOWAS; growing by X% on the previous year's figure. Over the period under review, exports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X square meters. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, woolen fabric exports rose rapidly to $X in 2023. In general, exports showed prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by X%. As a result, the exports attained the peak of $X. From 2019 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

In 2023, Niger (X square meters), distantly followed by Benin (X square meters), Togo (X square meters) and Cabo Verde (X square meters) were the main exporters of woven woolen fabrics, together committing X% of total exports. Senegal (X square meters), Sierra Leone (X square meters) and Nigeria (X square meters) took a little share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Niger (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Togo ($X), Niger ($X) and Cabo Verde ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

In terms of the main exporting countries, Niger, with a CAGR of X%, 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

The export price in ECOWAS stood at $X per square meter in 2023, with a decrease of X% against the previous year. Over the period under review, the export price showed a abrupt decrease. The pace of growth was the most pronounced in 2016 an increase of X%. The level of export peaked at $X per square meter in 2012; however, from 2013 to 2023, 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 Sierra Leone ($X per square meter), while Nigeria ($X per square meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cabo Verde (X%), while the other leaders experienced a decline in the export price figures.

Woolen Fabric Imports

Imports in ECOWAS

In 2023, the amount of woven woolen fabrics imported in ECOWAS surged to X square meters, increasing by X% against the previous year. Over the period under review, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. The volume of import peaked at X square meters in 2013; afterwards, it flattened through to 2023.

In value terms, woolen fabric imports contracted significantly to $X in 2023. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Burkina Faso was the major importing country with an import of around X square meters, which finished at X% of total imports. It was distantly followed by Senegal (X square meters), constituting a X% share of total imports. Togo (X square meters) followed a long way behind the leaders.

Burkina Faso was also the fastest-growing in terms of the woven woolen fabrics imports, with a CAGR of X% from 2012 to 2023. At the same time, Togo (X%) and Senegal (X%) displayed positive paces of growth. While the share of Burkina Faso (X p.p.) and Togo (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X), Senegal ($X) and Togo ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Burkina Faso, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per square meter in 2023, declining by X% against the previous year. Overall, the import price showed a drastic downturn. The growth pace was the most rapid in 2014 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per square meter in 2017; however, from 2018 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Togo ($X per square meter), while Burkina Faso ($X per square meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform