GCC: Silk Yarn Market 2024

Silk Yarn Market Size in GCC

The GCC silk yarn market contracted to $X in 2021, falling by -5.3% against the previous year. Overall, consumption, however, recorded a perceptible decline. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Silk Yarn Production in GCC

In value terms, silk yarn production fell to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 60% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Silk Yarn Exports

Exports in GCC

In 2021, approx. X tons of silk yarn and yarn spun from silk waste were exported in GCC; shrinking by -30.7% against the year before. In general, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2016 when exports increased by 1,134% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, silk yarn exports contracted to $X in 2021. Over the period under review, exports recorded a pronounced downturn. The pace of growth was the most pronounced in 2016 with an increase of 343% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Oman was the key exporter of silk yarn and yarn spun from silk waste in GCC, with the volume of exports finishing at X tons, which was approx. 69% of total exports in 2021. The United Arab Emirates (X tons) held a 24% share (based on physical terms) of total exports, which put it in second place, followed by Kuwait (6.2%).

Exports from Oman decreased at an average annual rate of -8.3% from 2012 to 2021. At the same time, the United Arab Emirates (+8.4%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +8.4% from 2012-2021. By contrast, Kuwait (-8.8%) illustrated a downward trend over the same period. While the share of Oman (+69 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-20.5 p.p.) and Kuwait (-48.5 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) emerged as the largest silk yarn supplier in GCC, comprising 59% of total exports. The second position in the ranking was held by Oman ($X), with a 21% share of total exports.

In the United Arab Emirates, silk yarn exports contracted by an average annual rate of -7.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (-32.3% per year) and Kuwait (+0.8% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, jumping by 24% against the previous year. In general, the export price, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2018 when the export price increased by 828%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 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 Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+10.6%), while the other leaders experienced a decline in the export price figures.

Silk Yarn Imports

Imports in GCC

In 2021, imports of silk yarn and yarn spun from silk waste in GCC soared to X tons, rising by 34% against the year before. In general, imports, however, saw a deep slump. The pace of growth appeared the most rapid in 2019 when imports increased by 54%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, silk yarn imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a abrupt decline. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the major importer of silk yarn and yarn spun from silk waste in GCC, with the volume of imports resulting at X tons, which was near 55% of total imports in 2021. It was distantly followed by Bahrain (X tons), Saudi Arabia (X tons) and Kuwait (X tons), together constituting a 41% share of total imports. Qatar (X kg) held a little share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -13.3% from 2012 to 2021. At the same time, Bahrain (+18.4%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +18.4% from 2012-2021. By contrast, Kuwait (-1.3%), Saudi Arabia (-25.8%) and Qatar (-33.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Bahrain, Saudi Arabia and Kuwait increased by +17, +15 and +4.9 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported silk yarn and yarn spun from silk waste in GCC, comprising 69% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 29% share of total imports. It was followed by Bahrain, with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled -10.3%. In the other countries, the average annual rates were as follows: Saudi Arabia (+11.7% per year) and Bahrain (+9.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, rising by 67% against the previous year. Overall, the import price enjoyed a strong expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Saudi Arabia ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+50.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform