ECOWAS: Hand-Made Lace Market 2024

Hand-Made Lace Market Size in ECOWAS

The ECOWAS hand-made lace market declined to $X in 2022, waning by -13.3% against the previous year. In general, consumption, however, enjoyed a notable expansion. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Hand-Made Lace Production in ECOWAS

In value terms, hand-made lace production surged to $X in 2022 estimated in export price. Overall, production recorded a resilient increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 527%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Hand-Made Lace Exports

Exports in ECOWAS

In 2022, hand-made lace exports in ECOWAS soared to X tons, picking up by 43% against 2021. Over the period under review, exports recorded a buoyant increase. The pace of growth was the most pronounced in 2016 when exports increased by 315% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, hand-made lace exports skyrocketed to $X in 2022. Overall, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of 262% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana prevails in exports structure, finishing at X tons, which was approx. 96% of total exports in 2022. Nigeria (X kg) held a minor share of total exports.

Ghana was also the fastest-growing in terms of the hand-made lace in the piece, in strips or in motifs exports, with a CAGR of +21.2% from 2012 to 2022. At the same time, Nigeria (+2.1%) displayed positive paces of growth. From 2012 to 2022, the share of Ghana increased by +22 percentage points.

In value terms, Ghana ($X) remains the largest hand-made lace supplier in ECOWAS, comprising 93% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 4.1% share of total exports.

In Ghana, hand-made lace exports expanded at an average annual rate of +17.9% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -4.7% against the previous year. Overall, the export price recorded a slight decline. The most prominent rate of growth was recorded in 2018 an increase of 94%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, 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 Nigeria ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+8.4%).

Hand-Made Lace Imports

Imports in ECOWAS

In 2022, approx. X tons of hand-made lace in the piece, in strips or in motifs were imported in ECOWAS; declining by -2.4% compared with the previous year. Overall, imports, however, enjoyed notable growth. The growth pace was the most rapid in 2015 with an increase of 90%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, hand-made lace imports contracted to $X in 2022. Over the period under review, imports, however, showed a tangible increase. The growth pace was the most rapid in 2014 with an increase of 176% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons) represented the main importer of hand-made lace in the piece, in strips or in motifs, generating 60% of total imports. It was distantly followed by Nigeria (X tons), creating a 24% share of total imports. Senegal (X tons), Niger (X tons), Ghana (X tons), Mali (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to hand-made lace imports into Cote d'Ivoire stood at +20.0%. At the same time, Burkina Faso (+40.8%), Mali (+37.2%), Niger (+26.7%) and Nigeria (+4.9%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +40.8% from 2012-2022. By contrast, Senegal (-14.8%) and Ghana (-18.4%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+47 p.p.), Nigeria (+3.5 p.p.), Niger (+3.4 p.p.), Mali (+1.6 p.p.) and Burkina Faso (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-18.9 p.p.) and Senegal (-23.7 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 86% share of total imports. Ghana, Niger, Burkina Faso and Mali lagged somewhat behind, together accounting for a further 11%.

Burkina Faso, with a CAGR of +51.8%, recorded the highest rates of growth with regard to the value of imports, among 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 2022, with a decrease of -11.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 104% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+10.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform