ECOWAS: Woolen Yarn Market 2025

Woolen Yarn Market Size in ECOWAS

In 2021, the ECOWAS woolen yarn market increased by 5.9% to $X for the first time since 2012, thus ending a eight-year declining trend. In general, consumption, however, showed a abrupt descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Woolen Yarn Production in ECOWAS

In value terms, woolen yarn production rose notably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a drastic downturn. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Woolen Yarn Exports

Exports in ECOWAS

In 2021, shipments abroad of yarn of wool decreased by -32.1% to X tons, falling for the third year in a row after seven years of growth. Overall, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2018 when exports increased by 357% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, woolen yarn exports fell to $X in 2021. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 198%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons) and Ghana (X tons) prevails in exports structure, together constituting 86% of total exports. It was distantly followed by Mali (X tons), committing an 8.1% share of total exports. The following exporters - Nigeria (X tons) and Niger (X tons) - each resulted at a 5.6% share 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 Burkina Faso (with a CAGR of +114.2%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest woolen yarn supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 14% share of total exports. It was followed by Ghana, with a 12% share.

In Nigeria, woolen yarn exports increased at an average annual rate of +28.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+82.8% per year) and Ghana (+27.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, rising by 40% against the previous year. Over the period under review, the export price, however, continues to indicate a deep setback. The growth pace was the most rapid in 2020 when the export price increased by 101%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+24.0%), while the other leaders experienced mixed trends in the export price figures.

Woolen Yarn Imports

Imports in ECOWAS

In 2021, purchases abroad of yarn of wool increased by 81% to X tons, rising for the second consecutive year after two years of decline. In general, imports showed a significant expansion. The growth pace was the most rapid in 2017 with an increase of 109%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, woolen yarn imports fell to $X in 2021. Total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +46.6% against 2016 indices. The growth pace was the most rapid in 2014 with an increase of 59%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Burkina Faso prevails in imports structure, recording X tons, which was approx. 89% of total imports in 2021. The following importers - Gambia (X tons) and Togo (X tons) - together made up 5.4% of total imports.

Burkina Faso was also the fastest-growing in terms of the yarn of wool imports, with a CAGR of +39.2% from 2012 to 2021. At the same time, Gambia (+24.3%) displayed positive paces of growth. By contrast, Togo (-4.2%) illustrated a downward trend over the same period. Burkina Faso (+46 p.p.) significantly strengthened its position in terms of the total imports, while Togo saw its share reduced by -31.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X), Burkina Faso ($X) and Gambia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 60% share of total imports.

Burkina Faso, with a CAGR of +17.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, declining by -48.5% against the previous year. In general, the import price recorded a deep slump. The growth pace was the most rapid in 2014 an increase of 43% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Togo ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+4.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform