Ecuador: Woolen Fabric Market 2022

Woolen Fabric Market Size in Ecuador

After four years of growth, the Ecuadorian woolen fabric market decreased by -6.5% to $X in 2021. Over the period under review, consumption, however, enjoyed resilient growth. Over the period under review, the market reached the peak level at $X in 2020, and then reduced in the following year.

Woolen Fabric Production in Ecuador

In value terms, woolen fabric production shrank to $X in 2021 estimated in export price. In general, production, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 106% against the previous year. Woolen fabric production peaked at $X in 2020, and then contracted in the following year.

Woolen Fabric Exports

Exports from Ecuador

In 2021, shipments abroad of woven woolen fabrics decreased by -80.5% to X square meters, falling for the second year in a row after two years of growth. Over the period under review, exports showed a abrupt descent. The pace of growth was the most pronounced in 2013 when exports increased by 144% against the previous year. Over the period under review, the exports reached the peak figure at X square meters in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, woolen fabric exports dropped rapidly to $X in 2021. Overall, exports faced a deep setback. The pace of growth appeared the most rapid in 2013 with an increase of 172%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X square meters) was the main destination for woolen fabric exports from Ecuador, with a 60% share of total exports. Moreover, woolen fabric exports to Colombia exceeded the volume sent to the second major destination, the United States (X square meters), fourfold. The UK (X square meters) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia totaled -19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+57.3% per year) and the UK (+41.1% per year).

In value terms, Colombia ($X) remains the key foreign market for woolen fabric exports from Ecuador, comprising 81% of total exports. The second position in the ranking was held by Bolivia ($X), with an 8.5% share of total exports. It was followed by China, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to Colombia stood at -17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (-35.2% per year) and China (0.0% per year).

Export Prices by Country

The average woolen fabric export price stood at $X per square meter in 2021, shrinking by -32.4% against the previous year. Over the period under review, the export price showed a mild setback. The growth pace was the most rapid in 2013 an increase of 11% against the previous year. The export price peaked at $X per square meter in 2020, and then shrank remarkably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Colombia ($X per square meter), while the average price for exports to the UK ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Woolen Fabric Imports

Imports into Ecuador

In 2021, purchases abroad of woven woolen fabrics increased by 108% to X square meters for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2017 when imports increased by 129%. As a result, imports attained the peak of X square meters. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, woolen fabric imports contracted notably to $X in 2021. Over the period under review, imports, however, faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 74% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X square meters) constituted the largest woolen fabric supplier to Ecuador, accounting for a 77% share of total imports. Moreover, woolen fabric imports from China exceeded the figures recorded by the second-largest supplier, Italy (X square meters), fivefold. The third position in this ranking was taken by the United States (X square meters), with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +37.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-8.7% per year) and the United States (-0.2% per year).

In value terms, Italy ($X), China ($X) and the United States ($X) constituted the largest woolen fabric suppliers to Ecuador, together comprising 94% of total imports.

China, with a CAGR of +33.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average woolen fabric import price stood at $X per square meter in 2021, declining by -76% against the previous year. Overall, the import price continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2019 when the average import price increased by 40%. Over the period under review, average import prices reached the maximum at $X per square meter 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 supplying countries. In 2021, the country with the highest price was Italy ($X per square meter), while the price for Colombia ($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 the United States (+12.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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