ECOWAS: Market for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers 2024

Market Size for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in ECOWAS

In 2022, the ECOWAS spindles and spindle flyer market decreased by -67.4% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, saw a resilient increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in ECOWAS

In value terms, spindles and spindle flyer production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a deep contraction. The pace of growth was the most pronounced in 2014 with an increase of 15%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Exports in ECOWAS

In 2022, overseas shipments of spindles and spindle flyers, spinning ring and ring travellers decreased by -44.4% to X kg, falling for the third year in a row after three years of growth. Over the period under review, exports saw a precipitous decline. The pace of growth appeared the most rapid in 2017 when exports increased by 6,367% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, spindles and spindle flyer exports reduced remarkably to $X in 2022. In general, exports saw a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 4,780%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria (X kg) represented roughly 100% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the spindles and spindle flyers, spinning ring and ring travellers exports, with a CAGR of +9.6% from 2012 to 2022. Nigeria (+97 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest spindles and spindle flyer supplier in ECOWAS.

In Nigeria, spindles and spindle flyer exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, jumping by 19% against the previous year. In general, the export price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 an increase of 703% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -9.1% per year.

Imports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Imports in ECOWAS

In 2022, overseas purchases of spindles and spindle flyers, spinning ring and ring travellers decreased by -71.1% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 2,278% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, spindles and spindle flyer imports contracted remarkably to $X in 2022. In general, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2015 when imports increased by 2,242%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, amounting to X tons, which was near 94% of total imports in 2022. Niger (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the spindles and spindle flyers, spinning ring and ring travellers imports, with a CAGR of +43.8% from 2012 to 2022. At the same time, Niger (+33.9%) displayed positive paces of growth. From 2012 to 2022, the share of Nigeria and Niger increased by +83 and +2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported spindles and spindle flyers, spinning ring and ring travellers in ECOWAS, comprising 90% of total imports. The second position in the ranking was held by Niger ($X), with a 3.6% share of total imports.

In Nigeria, spindles and spindle flyer imports expanded at an average annual rate of +45.3% over the period from 2012-2022.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with an increase of 11% against the previous year. In general, the import price, however, saw a perceptible setback. The pace of growth was the most pronounced in 2016 when the import price increased by 76%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Niger ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.0%).

Source: IndexBox Platform