ECOWAS: Narrow Woven Fabric Market 2024

Narrow Woven Fabric Market Size in ECOWAS

The ECOWAS narrow woven fabric market shrank modestly to $X in 2023, remaining constant against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2023, consumption stood at a somewhat lower figure.

Narrow Woven Fabric Production in ECOWAS

In value terms, narrow woven fabric production shrank to $X in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

Narrow Woven Fabric Exports

Exports in ECOWAS

After two years of decline, shipments abroad of narrow woven fabrics increased by X% to X tons in 2023. Overall, exports enjoyed a tangible expansion. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

In value terms, narrow woven fabric exports skyrocketed to $X in 2023. Over the period under review, exports continue to indicate a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria prevails in exports structure, resulting at X tons, which was approx. X% of total exports in 2023. Senegal (X tons) and Benin (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to narrow woven fabric exports from Nigeria stood at X%. At the same time, Benin (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. While the share of Nigeria (X p.p.) and Benin (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest narrow woven fabric supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports.

In Nigeria, narrow woven fabric exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Benin (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. In general, the export price, however, enjoyed a noticeable increase. The pace of growth was the most pronounced in 2019 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Benin ($X per ton) 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 export price figures.

Narrow Woven Fabric Imports

Imports in ECOWAS

After two years of growth, supplies from abroad of narrow woven fabrics decreased by X% to X tons in 2023. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2022, and then dropped in the following year.

In value terms, narrow woven fabric imports expanded sharply to $X in 2023. Total imports indicated a buoyant increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2023 and are expected to retain growth in years to come.

Imports by Country

In 2023, Togo (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Nigeria (X tons) and Senegal (X tons) represented the largest importer of narrow woven fabrics in ECOWAS, creating X% of total import. It was distantly followed by Guinea (X tons), constituting a X% share of total imports. Benin (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Togo (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest narrow woven fabric importing markets in ECOWAS were Togo ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined X% share of total imports.

Togo, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, picking up by X% against the previous year. Import price indicated a perceptible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, narrow woven fabric import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 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 ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Benin (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform