ECOWAS: Knitted Fabric Market 2025

Knitted Fabric Market Size in ECOWAS

The ECOWAS knitted fabric market expanded remarkably to $X in 2021, picking up by 5.3% against the previous year. The market value increased at an average annual rate of +5.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Knitted Fabric Production in ECOWAS

In value terms, knitted fabric production expanded rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 40%. Over the period under review, production attained the maximum level in 2021 and is likely to continue growth in the near future.

Knitted Fabric Exports

Exports in ECOWAS

Knitted fabric exports dropped to X tons in 2021, waning by -2.9% compared with 2020 figures. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 21%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, knitted fabric exports soared to $X in 2021. Total exports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +68.4% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mali represented the main exporting country with an export of about X tons, which recorded 29% of total exports. Ghana (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (13%), Cabo Verde (11%), Liberia (8%), Sierra Leone (7.1%), Senegal (6.7%) and Niger (4.6%).

Exports from Mali increased at an average annual rate of +19.5% from 2012 to 2021. At the same time, Ghana (+22.4%), Senegal (+16.5%), Cabo Verde (+12.5%), Niger (+3.5%) and Liberia (+1.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.4% from 2012-2021. By contrast, Sierra Leone (-4.2%) and Nigeria (-11.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mali, Ghana, Cabo Verde and Senegal increased by +24, +12, +7 and +5.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Nigeria ($X) and Sierra Leone ($X) were the countries with the highest levels of exports in 2021, with a combined 61% share of total exports.

Among the main exporting countries, Ghana, with a CAGR of +37.0%, saw 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

In 2021, the export price in ECOWAS amounted to $X per ton, rising by 55% against the previous year. Export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+12.0%), while the other leaders experienced more modest paces of growth.

Knitted Fabric Imports

Imports in ECOWAS

In 2021, supplies from abroad of knitted or crocheted fabrics decreased by -7.3% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, recorded a resilient expansion. The growth pace was the most rapid in 2013 when imports increased by 43% against the previous year. The volume of import peaked at X tons in 2020, and then contracted in the following year.

In value terms, knitted fabric imports reached $X in 2021. Overall, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 33%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, Ghana (X tons), distantly followed by Togo (X tons), Nigeria (X tons), Senegal (X tons) and Cote d'Ivoire (X tons) were the key importers of knitted or crocheted fabrics, together constituting 91% of total imports. Guinea (X tons) and Benin (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +29.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported knitted or crocheted fabrics in ECOWAS, comprising 39% of total imports. The second position in the ranking was taken by Togo ($X), with an 18% share of total imports. It was followed by Senegal, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana stood at +26.7%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (+19.8% per year) and Senegal (+12.7% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, growing by 14% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 45%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform