ECOWAS: Market for Woven Pile Fabrics And Chenille Fabrics 2024

Market Size for Woven Pile Fabrics And Chenille Fabrics in ECOWAS

In 2021, the ECOWAS pile and chenille fabric market decreased by -17% to $X, falling for the second consecutive year after three years of growth. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Production of Woven Pile Fabrics And Chenille Fabrics in ECOWAS

In value terms, pile and chenille fabric production contracted to $X in 2021 estimated in export price. In general, production, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2019 when the production volume increased by 25%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Woven Pile Fabrics And Chenille Fabrics

Exports in ECOWAS

Pile and chenille fabric exports reached X tons in 2021, picking up by 2.7% compared with 2020. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 1,597%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, pile and chenille fabric exports surged to $X in 2021. Overall, exports, however, continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 1,118%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ghana dominates exports structure, accounting for X tons, which was near 94% of total exports in 2021. Nigeria (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the woven pile fabrics and chenille fabrics exports, with a CAGR of +51.8% from 2012 to 2021. At the same time, Nigeria (+3.9%) displayed positive paces of growth. While the share of Ghana (+82 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-6.7 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest pile and chenille fabric supplier in ECOWAS, comprising 72% of total exports. The second position in the ranking was held by Nigeria ($X), with a 5.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana amounted to +40.3%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, jumping by 17% against the previous year. Over the period under review, the export price, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2014 an increase of 86%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 Nigeria ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-7.6%).

Imports of Woven Pile Fabrics And Chenille Fabrics

Imports in ECOWAS

In 2021, overseas purchases of woven pile fabrics and chenille fabrics decreased by -16.8% to X tons, falling for the second year in a row after five years of growth. In general, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2013 when imports increased by 25%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, pile and chenille fabric imports plummeted to $X in 2021. Overall, imports, however, recorded a slight expansion. The most prominent rate of growth was recorded in 2019 with an increase of 25%. Over the period under review, imports hit record highs at $X in 2020, and then fell rapidly in the following year.

Imports by Country

Nigeria was the main importer of woven pile fabrics and chenille fabrics in ECOWAS, with the volume of imports amounting to X tons, which was approx. 66% of total imports in 2021. Ghana (X tons) ranks second in terms of the total imports with an 18% share, followed by Cote d'Ivoire (5.6%). Benin (X tons), Senegal (X tons), Togo (X tons) and Guinea (X tons) took a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +5.6% from 2012 to 2021. At the same time, Ghana (+19.6%), Senegal (+17.3%), Cote d'Ivoire (+16.0%), Guinea (+10.3%), Togo (+7.1%) and Benin (+5.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.6% from 2012-2021. Ghana (+11 p.p.) and Cote d'Ivoire (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -14.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported woven pile fabrics and chenille fabrics in ECOWAS, comprising 62% of total imports. The second position in the ranking was held by Ghana ($X), with a 19% share of total imports. It was followed by Cote d'Ivoire, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at -2.3%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+14.0% per year) and Cote d'Ivoire (+12.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with a decrease of -21% against the previous year. Overall, the import price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2014 when the import price increased by 14%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 Togo ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+11.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform