Latin America and the Caribbean: Textile Wadding Market 2022

Textile Wadding Market Size in Latin America and the Caribbean

The Latin American textile wadding market was estimated at $X in 2021, picking up by 5.4% against the previous year. The total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -1.2% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Textile Wadding Production in Latin America and the Caribbean

In value terms, textile wadding production expanded slightly to $X in 2021 estimated in export price. The total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.1% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 25% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Textile Wadding Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of wadding of textile materials and articles thereof decreased by -0.9% to X tons for the first time since 2018, thus ending a two-year rising trend. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +73.1% against 2018 indices. The growth pace was the most rapid in 2020 when exports increased by 51%. As a result, the exports reached the peak of X tons, leveling off in the following year.

In value terms, textile wadding exports reduced to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +28.4% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 22%. The level of export peaked at $X in 2020, and then shrank in the following year.

Exports by Country

Mexico represented the major exporting country with an export of about X tons, which accounted for 72% of total exports. It was distantly followed by Paraguay (X tons), achieving a 17% share of total exports. Brazil (X tons) and the Dominican Republic (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the wadding of textile materials and articles thereof exports, with a CAGR of +18.2% from 2012 to 2021. At the same time, the Dominican Republic (+3.0%) displayed positive paces of growth. Paraguay experienced a relatively flat trend pattern. By contrast, Brazil (-10.1%) illustrated a downward trend over the same period. While the share of Mexico (+43 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Brazil (-12.6 p.p.) and Paraguay (-13 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest textile wadding supplier in Latin America and the Caribbean, comprising 69% of total exports. The second position in the ranking was taken by Paraguay ($X), with a 20% share of total exports. It was followed by Brazil, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico stood at +20.4%. In the other countries, the average annual rates were as follows: Paraguay (+1.0% per year) and Brazil (-10.8% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, approximately equating the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 14%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Brazil ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Textile Wadding Imports

Imports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in supplies from abroad of wadding of textile materials and articles thereof, which increased by 0.6% to X tons in 2021. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 23%. The volume of import peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, textile wadding imports rose sharply to $X in 2021. The total import value increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by 16% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Mexico represented the major importer of wadding of textile materials and articles thereof in Latin America and the Caribbean, with the volume of imports reaching X tons, which was near 39% of total imports in 2021. Brazil (X tons) held the second position in the ranking, followed by Chile (X tons), Peru (X tons) and Argentina (X tons). All these countries together held near 36% share of total imports. The following importers - the Dominican Republic (X tons), Guatemala (X tons), Cuba (X tons), Paraguay (X tons), Colombia (X tons), Honduras (X tons), Uruguay (X tons) and Costa Rica (X tons) - each amounted to a 16% share of total imports.

Imports into Mexico increased at an average annual rate of +4.7% from 2012 to 2021. At the same time, Cuba (+65.2%), Paraguay (+21.1%), Peru (+12.5%), the Dominican Republic (+6.8%), Honduras (+5.8%), Brazil (+5.7%), Chile (+3.1%) and Uruguay (+1.4%) displayed positive paces of growth. Moreover, Cuba emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +65.2% from 2012-2021. By contrast, Colombia (-3.2%), Guatemala (-4.9%), Costa Rica (-6.0%) and Argentina (-7.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Peru, Brazil, Cuba and Paraguay increased by +7.4, +4.2, +3.5, +2 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest textile wadding importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Argentina ($X), together comprising 68% of total imports. Chile, Peru, Colombia, the Dominican Republic, Honduras, Uruguay, Cuba, Costa Rica, Paraguay and Guatemala lagged somewhat behind, together comprising a further 26%.

Cuba, with a CAGR of +62.2%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of 9.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 an increase of 17% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Brazil ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Honduras (+13.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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