ECOWAS: Knotted Carpet Market 2024

Knotted Carpet Market Size in ECOWAS

The ECOWAS knotted carpet market totaled $X in 2022, almost unchanged from the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Knotted Carpet Production in ECOWAS

In value terms, knotted carpet production totaled $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 32% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Knotted Carpet Exports

Exports in ECOWAS

In 2022, knotted carpet exports in ECOWAS dropped to X square meters, with a decrease of -14.2% on 2021. Over the period under review, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 175%. As a result, the exports reached the peak of X square meters. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, knotted carpet exports dropped dramatically to $X in 2022. Overall, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2021 when exports increased by 61%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Niger (X square meters) represented the major exporter of knotted carpets and other knotted textile floor coverings, achieving 60% of total exports. It was distantly followed by Nigeria (X square meters), creating a 25% share of total exports. Senegal (X square meters), Ghana (X square meters), Togo (X square meters), Burkina Faso (X square meters) and Mali (X square meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to knotted carpet exports from Niger stood at +9.1%. At the same time, Togo (+24.2%) and Mali (+13.3%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +24.2% from 2012-2022. By contrast, Nigeria (-1.4%), Burkina Faso (-12.9%), Senegal (-24.4%) and Ghana (-26.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Niger, Nigeria and Togo increased by +45, +8.2 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Niger ($X), Nigeria ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 78% share of total exports. Mali, Burkina Faso, Togo and Senegal lagged somewhat behind, together accounting for a further 19%.

In terms of the main exporting countries, Mali, with a CAGR of +22.2%, recorded the highest growth rate of 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 2022, dropping by -5.6% against the previous year. In general, the export price showed a perceptible contraction. The growth pace was the most rapid in 2019 an increase of 111% against the previous year. The level of export peaked at $X per square meter in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per square meter), while Niger ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+16.3%), while the other leaders experienced more modest paces of growth.

Knotted Carpet Imports

Imports in ECOWAS

In 2022, knotted carpet imports in ECOWAS shrank markedly to X square meters, waning by -18.3% against 2021. Overall, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2017 when imports increased by 150%. As a result, imports reached the peak of X square meters. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, knotted carpet imports fell rapidly to $X in 2022. In general, imports showed a perceptible downturn. The pace of growth appeared the most rapid in 2015 with an increase of 93% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Senegal represented the major importer of knotted carpets and other knotted textile floor coverings in ECOWAS, with the volume of imports finishing at X square meters, which was near 36% of total imports in 2022. Cote d'Ivoire (X square meters) held the second position in the ranking, followed by Ghana (X square meters), Nigeria (X square meters), Guinea (X square meters), Mali (X square meters), Burkina Faso (X square meters) and Sierra Leone (X square meters). All these countries together held near 57% share of total imports.

Imports into Senegal decreased at an average annual rate of -13.8% from 2012 to 2022. At the same time, Cote d'Ivoire (+22.6%), Guinea (+16.3%), Sierra Leone (+16.3%), Mali (+7.2%) and Ghana (+2.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.6% from 2012-2022. By contrast, Burkina Faso (-1.6%) and Nigeria (-7.4%) illustrated a downward trend over the same period. Cote d'Ivoire (+11 p.p.), Guinea (+7 p.p.), Ghana (+6.2 p.p.), Mali (+5.4 p.p.), Sierra Leone (+4.6 p.p.) and Burkina Faso (+3 p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by -40.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Guinea ($X) were the countries with the highest levels of imports in 2022, with a combined 50% share of total imports. Burkina Faso, Nigeria, Senegal, Sierra Leone and Mali lagged somewhat behind, together accounting for a further 39%.

Sierra Leone, with a CAGR of +16.3%, recorded the highest rates of growth with regard to 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 square meter in 2022, falling by -3.5% against the previous year. In general, the import price, however, saw a noticeable increase. The pace of growth was the most pronounced in 2013 when the import price increased by 105% against the previous year. The level of import peaked at $X per square meter in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Ghana ($X per square meter), while Senegal ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform