Latin America and the Caribbean: Sewing Thread Market 2024

Sewing Thread Market Size in Latin America and the Caribbean

In 2022, the Latin American sewing thread market increased by 1.5% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, showed a noticeable decline. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Sewing Thread Production in Latin America and the Caribbean

In value terms, sewing thread production totaled $X in 2022 estimated in export price. In general, production recorded a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 6.4%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Sewing Thread Exports

Exports in Latin America and the Caribbean

Sewing thread exports reduced slightly to X tons in 2022, therefore, remained relatively stable against 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 48% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, sewing thread exports declined to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 33%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Honduras (X tons) and Guatemala (X tons) were the largest exporters of sewing thread of man-made filaments or staple fibers in 2022, finishing at approx. 23% and 22% of total exports, respectively. It was distantly followed by Mexico (X tons), Costa Rica (X tons), Brazil (X tons), the Dominican Republic (X tons) and Nicaragua (X tons), together making up a 46% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +29.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Honduras ($X), Mexico ($X) and Costa Rica ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 60% of total exports. Brazil, Guatemala, the Dominican Republic and Nicaragua lagged somewhat behind, together accounting for a further 32%.

Nicaragua, with a CAGR of +43.6%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, waning by -6.2% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 7.2% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+11.5%), while the other leaders experienced more modest paces of growth.

Sewing Thread Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of sewing thread of man-made filaments or staple fibers increased by 9.3% to X tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 29%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, sewing thread imports expanded notably to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 27%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Guatemala (X tons), distantly followed by Nicaragua (X tons), Mexico (X tons), Bolivia (X tons), Peru (X tons), Colombia (X tons) and Argentina (X tons) represented the key importers of sewing thread of man-made filaments or staple fibers, together mixing up 75% of total imports. Chile (X tons), Brazil (X tons), the Dominican Republic (X tons), El Salvador (X tons), Ecuador (X tons) and Haiti (X tons) took a minor share of total imports.

Imports into Guatemala increased at an average annual rate of +8.1% from 2012 to 2022. At the same time, Nicaragua (+33.5%), the Dominican Republic (+21.2%), Bolivia (+12.6%), Brazil (+6.2%), Chile (+4.9%) and Argentina (+2.5%) displayed positive paces of growth. Moreover, Nicaragua emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +33.5% from 2012-2022. Peru and Haiti experienced a relatively flat trend pattern. By contrast, Ecuador (-2.0%), Colombia (-3.2%), El Salvador (-3.8%) and Mexico (-9.4%) illustrated a downward trend over the same period. While the share of Guatemala (+11 p.p.), Nicaragua (+11 p.p.), Bolivia (+5.7 p.p.), the Dominican Republic (+3 p.p.) and Brazil (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of El Salvador (-1.7 p.p.), Colombia (-3.2 p.p.) and Mexico (-22.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported sewing thread of man-made filaments or staple fibers in Latin America and the Caribbean, comprising 30% of total imports. The second position in the ranking was taken by Guatemala ($X), with a 15% share of total imports. It was followed by Nicaragua, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico amounted to -3.7%. In the other countries, the average annual rates were as follows: Guatemala (+6.8% per year) and Nicaragua (+45.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with a decrease of -1.9% against the previous year. Overall, the import price continues to indicate a slight decline. The growth pace was the most rapid in 2013 when the import price increased by 7.7% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+8.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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