Guatemala: Men Knitwear Market 2024

Men Knitwear Market Size in Guatemala

In 2022, the Guatemalan men knitwear market decreased by -13.9% to $X, falling for the second consecutive year after six years of growth. In general, consumption, however, posted a prominent increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Men Knitwear Production in Guatemala

In value terms, men knitwear production totaled $X in 2022 estimated in export price. Over the period under review, production enjoyed strong growth. The pace of growth was the most pronounced in 2020 with an increase of 25%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Men Knitwear Exports

Exports from Guatemala

In 2022, exports of men's or boys' clothing (knitted or crocheted) from Guatemala soared to X units, with an increase of 57% against 2021. Over the period under review, total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +63.6% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, men knitwear exports soared to $X in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +26.9% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for men knitwear exports from Guatemala, accounting for a 88% share of total exports. It was followed by Canada (X units), with a 2.8% share of total exports. The third position in this ranking was held by Honduras (X units), with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+12.6% per year) and Honduras (+26.0% per year).

In value terms, the United States ($X) remains the key foreign market for men's or boys' clothing (knitted or crocheted) exports from Guatemala, comprising 88% of total exports. The second position in the ranking was held by Canada ($X), with a 2.7% share of total exports. It was followed by the Netherlands, with a 2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+27.5% per year) and the Netherlands (+36.6% per year).

Export Prices by Country

In 2022, the average men knitwear export price amounted to $X per unit, which is down by -14.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Honduras ($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 Japan (+59.5%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into Guatemala

Men knitwear imports into Guatemala soared to X units in 2022, with an increase of 52% compared with the year before. In general, imports saw buoyant growth. The growth pace was the most rapid in 2015 when imports increased by 78%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, men knitwear imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2015 when imports increased by 95%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

China (X units), Honduras (X units) and Vietnam (X units) were the main suppliers of men knitwear imports to Guatemala, together comprising 47% of total imports. El Salvador, the United States, Bangladesh, Cambodia, Pakistan, Mexico, Turkey, India, Indonesia and Tunisia lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +337.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Honduras ($X) and the United States ($X) constituted the largest men knitwear suppliers to Guatemala, with a combined 50% share of total imports. Vietnam, Bangladesh, Cambodia, El Salvador, Pakistan, Turkey, Mexico, India, Indonesia and Tunisia lagged somewhat behind, together accounting for a further 40%.

In terms of the main suppliers, Cambodia, with a CAGR of +401.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average men knitwear import price amounted to $X per unit, with an increase of 1.9% against the previous year. Over the period under review, the import price, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2020 an increase of 25% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 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 the United States ($X per unit), while the price for El Salvador ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+25.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform