Ecuador: Hat And Headgear Market 2024

Hat And Headgear Market Size in Ecuador

The Ecuadorian hat and headgear market contracted to $X in 2022, falling by -5.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +50.2% against 2020 indices. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Hat And Headgear Exports

Exports from Ecuador

In 2022, overseas shipments of hats and other headgear were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, saw a noticeable descent. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, hat and headgear exports reduced to $X in 2022. In general, exports, however, saw a noticeable descent. The pace of growth was the most pronounced in 2014 when exports increased by 30%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for hat and headgear exports from Ecuador, with a 28% share of total exports. Moreover, hat and headgear exports to the United States exceeded the volume sent to the second major destination, Panama (X units), twofold. Chile (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+7.2% per year) and Chile (-9.2% per year).

In value terms, the United States ($X), Germany ($X) and France ($X) constituted the largest markets for hat and headgear exported from Ecuador worldwide, together comprising 57% of total exports. The UK, Spain, Japan, Panama, Australia, Chile, Guatemala, the Dominican Republic and Costa Rica lagged somewhat behind, together accounting for a further 25%.

The UK, with a CAGR of +14.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average hat and headgear export price amounted to $X per unit, with a decrease of -60.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 72%. As a result, the export price reached the peak level of $X per unit, and then contracted notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Hat And Headgear Imports

Imports into Ecuador

In 2022, approx. X units of hats and other headgear were imported into Ecuador; rising by 30% on the previous year. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +75.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 35% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, hat and headgear imports shrank remarkably to $X in 2022. Over the period under review, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 60%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of hat and headgear to Ecuador, accounting for a 88% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, Bangladesh (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Bangladesh (+23.7% per year) and Colombia (+2.8% per year).

In value terms, China ($X) constituted the largest supplier of hats and other headgear to Ecuador, comprising 76% of total imports. The second position in the ranking was taken by Colombia ($X), with a 3.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-8.0% per year) and Bangladesh (+23.4% per year).

Import Prices by Country

In 2022, the average hat and headgear import price amounted to $X per unit, declining by -37.7% against the previous year. In general, the import price showed a deep downturn. The most prominent rate of growth was recorded in 2021 an increase of 19%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Colombia ($X per unit), while the price for Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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