United Kingdom: Knitted Fabric Market 2024

Knitted Fabric Market Size in the UK

In 2021, the UK knitted fabric market increased by 8.6% to $X, rising for the third consecutive year after four years of decline. Overall, consumption, however, showed a mild increase. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Knitted Fabric Production in the UK

In value terms, knitted fabric production soared to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a temperate increase. The growth pace was the most rapid in 2014 with an increase of 45% against the previous year. Knitted fabric production peaked in 2021 and is expected to retain growth in years to come.

Knitted Fabric Exports

Exports from the UK

For the third year in a row, the UK recorded decline in shipments abroad of knitted or crocheted fabrics, which decreased by -21.2% to X tons in 2021. Overall, exports continue to indicate a noticeable setback. The pace of growth was the most pronounced in 2015 when exports increased by 47%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, knitted fabric exports rose significantly to $X in 2021. In general, exports recorded a pronounced reduction. The most prominent rate of growth was recorded in 2018 when exports increased by 17%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ireland (X tons), Poland (X tons) and Italy (X tons) were the main destinations of knitted fabric exports from the UK, with a combined 55% share of total exports. These countries were followed by Germany, the Netherlands, France, the United States, Romania, Estonia, the Czech Republic, Morocco, the United Arab Emirates and Moldova, which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Estonia (with a CAGR of +20.8%), while the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) remains the key foreign market for knitted or crocheted fabrics exports from the UK, comprising 22% of total exports. The second position in the ranking was taken by Ireland ($X), with a 10% share of total exports. It was followed by Germany, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value to Poland stood at +25.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+3.7% per year) and Germany (-3.3% per year).

Export Prices by Country

The average knitted fabric export price stood at $X per ton in 2021, surging by 35% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Knitted Fabric Imports

Imports into the UK

In 2021, the amount of knitted or crocheted fabrics imported into the UK fell sharply to X tons, with a decrease of -19.8% compared with the previous year's figure. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 28%. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, knitted fabric imports reached $X in 2021. Overall, imports continue to indicate a mild descent. The growth pace was the most rapid in 2013 when imports increased by 19% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of knitted fabric to the UK, accounting for a 38% share of total imports. Moreover, knitted fabric imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with an 8% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+12.5% per year) and South Korea (-5.8% per year).

In value terms, China ($X) constituted the largest supplier of knitted or crocheted fabrics to the UK, comprising 29% of total imports. The second position in the ranking was taken by Turkey ($X), with a 12% share of total imports. It was followed by Italy, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+3.3% per year) and Italy (+3.3% per year).

Import Prices by Country

The average knitted fabric import price stood at $X per ton in 2021, jumping by 32% against the previous year. In general, the import price, however, showed a noticeable decrease. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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