ECOWAS: Silk Fabric Market 2025

Silk Fabric Market Size in ECOWAS

The ECOWAS silk fabric market fell modestly to $X in 2021, reducing by -2.6% against the previous year. Over the period under review, consumption saw a noticeable contraction. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Silk Fabric Production in ECOWAS

In value terms, silk fabric production fell sharply to $X in 2021 estimated in export price. Over the period under review, production, however, showed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 517% against the previous year. As a result, production reached the peak level of $X, and then shrank sharply in the following year.

Silk Fabric Exports

Exports in ECOWAS

In 2021, silk fabric exports in ECOWAS surged to X square meters, picking up by 241% against the previous year. Overall, exports recorded a notable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 292%. The volume of export peaked at X square meters in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, silk fabric exports surged to $X in 2021. In general, exports, however, showed a mild decrease. The growth pace was the most rapid in 2018 when exports increased by 262%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Togo represented the major exporter of woven fabrics of silk or of silk waste in ECOWAS, with the volume of exports resulting at X square meters, which was near 59% of total exports in 2021. Senegal (X square meters) held the second position in the ranking, followed by Ghana (X square meters) and Nigeria (X square meters). All these countries together took near 36% share of total exports. Mali (X square meters) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to silk fabric exports from Togo stood at +26.0%. At the same time, Senegal (+38.9%), Mali (+30.4%) and Ghana (+26.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +38.9% from 2012-2021. By contrast, Nigeria (-18.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Togo, Senegal, Ghana and Mali increased by +50, +13, +11 and +3.1 percentage points, respectively.

In value terms, the largest silk fabric supplying countries in ECOWAS were Togo ($X), Senegal ($X) and Nigeria ($X), together comprising 90% of total exports.

Senegal, with a CAGR of +34.1%, saw the highest rates of growth with regard to the value of exports, in terms of 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 square meter in 2021, declining by -21.6% against the previous year. In general, the export price continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2015 an increase of 74%. As a result, the export price attained the peak level of $X per square meter. From 2016 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+0.2%), while the other leaders experienced a decline in the export price figures.

Silk Fabric Imports

Imports in ECOWAS

After two years of growth, purchases abroad of woven fabrics of silk or of silk waste decreased by -19% to X square meters in 2021. Over the period under review, imports showed a perceptible contraction. The most prominent rate of growth was recorded in 2019 with an increase of 22,800% against the previous year. The volume of import peaked at X square meters in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, silk fabric imports declined to $X in 2021. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2019 when imports increased by 330% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of silk fabric imports in 2021 were Nigeria (X square meters), together finishing at 100% of total import.

Nigeria was also the fastest-growing in terms of the woven fabrics of silk or of silk waste imports, with a CAGR of -3.4% from 2012 to 2021. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported woven fabrics of silk or of silk waste in ECOWAS.

In Nigeria, silk fabric imports decreased by an average annual rate of -12.9% over the period from 2012-2021.

Import Prices by Country

The import price in ECOWAS stood at $X per square meter in 2021, growing by 14% against the previous year. Overall, the import price, however, saw a deep setback. The growth pace was the most rapid in 2016 an increase of 1,591% against the previous year. Over the period under review, import prices hit record highs at $X per square meter in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -9.8% per year.

Source: IndexBox Platform