ECOWAS: Sewing Thread Market 2024

Sewing Thread Exports

Exports in ECOWAS

In 2022, overseas shipments of sewing thread of man-made filaments or staple fibers increased by 12% to X tons, rising for the second year in a row after four years of decline. In general, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 152%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, sewing thread exports contracted rapidly to $X in 2022. Overall, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 78%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria was the key exporting country with an export of about X tons, which accounted for 51% of total exports. It was distantly followed by Togo (X tons), Mali (X tons), Ghana (X tons) and Cote d'Ivoire (X tons), together mixing up a 47% share of total exports.

Exports from Nigeria increased at an average annual rate of +9.3% from 2012 to 2022. At the same time, Togo (+21.6%) and Ghana (+2.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +21.6% from 2012-2022. By contrast, Cote d'Ivoire (-1.9%) and Mali (-7.0%) illustrated a downward trend over the same period. Togo (+18 p.p.) and Nigeria (+17 p.p.) significantly strengthened its position in terms of the total exports, while Ghana, Cote d'Ivoire and Mali saw its share reduced by -1.9%, -5.5% and -23.8% from 2012 to 2022, respectively.

In value terms, the largest sewing thread supplying countries in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Mali ($X), with a combined 80% share of total exports.

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of -1.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -36.2% against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when the export price increased by 59%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+1.5%), while the other leaders experienced mixed trends in the export price figures.

Sewing Thread Imports

Imports in ECOWAS

In 2022, sewing thread imports in ECOWAS expanded notably to X tons, surging by 8.1% against the previous year. In general, imports, however, saw a noticeable setback. The pace of growth appeared the most rapid in 2016 when imports increased by 88%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, sewing thread imports dropped to $X in 2022. Overall, imports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2020 with an increase of 21%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria represented the key importer of sewing thread of man-made filaments or staple fibers in ECOWAS, with the volume of imports amounting to X tons, which was near 54% of total imports in 2022. It was distantly followed by Ghana (X tons), Senegal (X tons) and Burkina Faso (X tons), together comprising a 29% share of total imports. The following importers - Guinea (X tons), Cote d'Ivoire (X tons) and Togo (X tons) - each accounted for a 12% share of total imports.

Imports into Nigeria decreased at an average annual rate of -4.7% from 2012 to 2022. At the same time, Togo (+35.6%), Guinea (+9.5%), Burkina Faso (+8.5%) and Cote d'Ivoire (+2.2%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.6% from 2012-2022. Senegal and Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Togo, Burkina Faso, Ghana, Guinea, Cote d'Ivoire and Senegal increased by +3.6, +3.1, +3, +2.9, +1.5 and +1.5 percentage points, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported sewing thread of man-made filaments or staple fibers in ECOWAS, comprising 33% of total imports. The second position in the ranking was held by Senegal ($X), with a 16% share of total imports. It was followed by Nigeria, with a 16% share.

In Ghana, sewing thread imports decreased by an average annual rate of -3.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-4.6% per year) and Nigeria (-7.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by -19.5% against the previous year. In general, the import price continues to indicate a slight decrease. The pace of growth appeared the most rapid in 2014 an increase of 48% 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform