Latin America and the Caribbean: Women Knitwear Market 2024

Women Knitwear Market Size in Latin America and the Caribbean

The Latin American women knitwear market expanded modestly to $X in 2022, surging by 4.8% against the previous year. In general, consumption posted strong growth. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in years to come.

Women Knitwear Production in Latin America and the Caribbean

In value terms, women knitwear production rose modestly to $X in 2022 estimated in export price. The total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.4% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 22% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Women Knitwear Exports

Exports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in shipments abroad of women's or girls' clothing (knitted or crocheted), which increased by 13% to X units in 2022. The total export volume increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 19%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, women knitwear exports soared to $X in 2022. In general, exports, however, continue to indicate a mild curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico represented the main exporting country with an export of around X units, which finished at 44% of total exports. Haiti (X units) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by El Salvador (8.6%), Guatemala (8.5%) and Honduras (8.2%). The following exporters - Peru (X units) and Brazil (X units) - each amounted to an 8.5% share of total exports.

Exports from Mexico increased at an average annual rate of +8.5% from 2012 to 2022. At the same time, Brazil (+12.1%) and Haiti (+11.7%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +12.1% from 2012-2022. By contrast, El Salvador (-1.4%), Guatemala (-1.9%), Honduras (-3.0%) and Peru (-9.0%) illustrated a downward trend over the same period. While the share of Mexico (+19 p.p.), Haiti (+9.6 p.p.) and Brazil (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of El Salvador (-4.4 p.p.), Guatemala (-4.9 p.p.), Honduras (-6.4 p.p.) and Peru (-10.6 p.p.) displayed negative dynamics.

In value terms, the largest women knitwear supplying countries in Latin America and the Caribbean were Mexico ($X), Guatemala ($X) and Haiti ($X), together accounting for 57% of total exports.

In terms of the main exporting countries, Haiti, with a CAGR of +19.9%, saw the highest growth rate of the value of exports, 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 unit in 2022, with an increase of 2.2% against the previous year. Overall, the export price, however, continues to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2021 when the export price increased by 11% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Peru ($X per unit), while Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Haiti (+7.3%), while the other leaders experienced more modest paces of growth.

Women Knitwear Imports

Imports in Latin America and the Caribbean

Women knitwear imports expanded notably to X units in 2022, with an increase of 8.1% compared with the previous year's figure. Total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.0% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 56%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, women knitwear imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 41%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Chile (X units), distantly followed by Brazil (X units), Colombia (X units), Mexico (X units) and Peru (X units) were the key importers of women's or girls' clothing (knitted or crocheted), together achieving 79% of total imports. Uruguay (X units), the Dominican Republic (X units), Venezuela (X units), Ecuador (X units) and El Salvador (X units) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Dominican Republic (with a CAGR of +21.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported women's or girls' clothing (knitted or crocheted) in Latin America and the Caribbean, comprising 39% of total imports. The second position in the ranking was held by Chile ($X), with a 19% share of total imports. It was followed by Brazil, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +10.0%. In the other countries, the average annual rates were as follows: Chile (+10.0% per year) and Brazil (+2.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, picking up by 19% against the previous year. In general, the import price recorded a modest expansion. The pace of growth appeared the most rapid in 2020 an increase of 19%. Over the period under review, import prices reached the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+15.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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