ECOWAS: Technical Textiles Market 2024

Technical Textiles Market Size in ECOWAS

After two years of growth, the ECOWAS technical textiles market decreased by -6.4% to $X in 2021. The market value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020, and then shrank in the following year.

Technical Textiles Production in ECOWAS

In value terms, technical textiles production contracted slightly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 15%. The level of production peaked at $X in 2020, and then declined in the following year.

Technical Textiles Exports

Exports in ECOWAS

In 2021, overseas shipments of textile products and articles for technical uses were finally on the rise to reach X tons after four years of decline. Overall, exports recorded a pronounced expansion. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, technical textiles exports rose remarkably to $X in 2021. In general, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 105%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Nigeria (X tons) was the key exporter of textile products and articles for technical uses, making up 44% of total exports. It was distantly followed by Burkina Faso (X tons) and Sierra Leone (X tons), together mixing up a 42% share of total exports. The following exporters - Senegal (X kg), Guinea-Bissau (X kg), Ghana (X kg) and Cote d'Ivoire (X kg) - together made up 9.7% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Guinea-Bissau (with a CAGR of +58.5%), while the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X), Nigeria ($X) and Burkina Faso ($X) constituted the countries with the highest levels of exports in 2021, together comprising 84% of total exports. Senegal, Cote d'Ivoire, Ghana and Guinea-Bissau lagged somewhat behind, together accounting for a further 11%.

Guinea-Bissau, with a CAGR of +32.5%, saw the highest growth rate of the value of exports, among the main exporting countries 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 ton in 2021, declining by -29.2% against the previous year. In general, the export price, however, saw a moderate expansion. The most prominent rate of growth was recorded in 2017 when the export price increased by 117% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, 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 Sierra Leone ($X per ton), while Guinea-Bissau ($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 (+3.0%), while the other leaders experienced more modest paces of growth.

Technical Textiles Imports

Imports in ECOWAS

Technical textiles imports surged to X tons in 2021, increasing by 26% compared with the previous year. Over the period under review, imports enjoyed a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 155%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, technical textiles imports skyrocketed to $X in 2021. Total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +96.8% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 52% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was approx. 61% of total imports in 2021. Senegal (X tons) took a 9.5% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (9.2%) and Ghana (9.1%). Cote d'Ivoire (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +21.3% from 2012 to 2021. At the same time, Senegal (+30.3%), Guinea (+8.8%) and Cote d'Ivoire (+6.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +30.3% from 2012-2021. By contrast, Ghana (-3.5%) illustrated a downward trend over the same period. Nigeria (+34 p.p.) and Senegal (+7.3 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Guinea and Ghana saw its share reduced by -1.6%, -1.9% and -23.3% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported textile products and articles for technical uses in ECOWAS, comprising 34% of total imports. The second position in the ranking was taken by Ghana ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 14% share.

In Nigeria, technical textiles imports increased at an average annual rate of +10.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+6.1% per year) and Cote d'Ivoire (+6.7% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 6% against the previous year. In general, the import price, however, continues to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2019 when the import price increased by 53%. Over the period under review, import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+10.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform