Nigeria: Woolen Fabric Market 2024

Woolen Fabric Market Size in Nigeria

The Nigerien woolen fabric market fell significantly to $X in 2021, which is down by -81.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a significant decrease. Woolen fabric consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Woolen Fabric Exports

Exports from Nigeria

For the third consecutive year, Nigeria recorded growth in shipments abroad of woven woolen fabrics, which increased by 107% to X square meters in 2021. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 509%. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in years to come.

In value terms, woolen fabric exports surged to $X in 2021. Overall, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 411%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Brazil (X square meters), Benin (X square meters) and Turkey (X square meters) were the main destinations of woolen fabric exports from Nigeria, with a combined 91% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Benin (with a CAGR of +90.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) emerged as the key foreign market for woven woolen fabrics exports from Nigeria, comprising 80% of total exports. The second position in the ranking was held by Benin ($X), with an 11% share of total exports. It was followed by the United Arab Emirates, with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Brazil was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+125.2% per year) and the United Arab Emirates (0.0% per year).

Export Prices by Country

In 2021, the average woolen fabric export price amounted to $X per square meter, increasing by 127% against the previous year. Overall, the export price enjoyed a prominent expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per square meter), while the average price for exports to Turkey ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+18.1%).

Woolen Fabric Imports

Imports into Nigeria

In 2021, the amount of woven woolen fabrics imported into Nigeria fell sharply to X square meters, with a decrease of -81.7% against the year before. Over the period under review, imports faced a precipitous shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 1,877%. Imports peaked at X square meters in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, woolen fabric imports dropped remarkably to $X in 2021. In general, imports faced a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 333% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X square meters) constituted the largest supplier of woolen fabric to Nigeria, with a 83% share of total imports. Moreover, woolen fabric imports from China exceeded the figures recorded by the second-largest supplier, the UK (X square meters), more than tenfold. The United Arab Emirates (X square meters) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -32.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-14.8% per year) and the United Arab Emirates (+18.4% per year).

In value terms, the largest woolen fabric suppliers to Nigeria were China ($X), the United Arab Emirates ($X) and the UK ($X), with a combined 65% share of total imports. These countries were followed by South Korea and Italy, which together accounted for a further 5.2%.

Italy, with a CAGR of +30.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average woolen fabric import price amounted to $X per square meter, rising by 352% against the previous year. Overall, the import price recorded a buoyant increase. The pace of growth appeared the most rapid in 2016 an increase of 1,152%. The import price peaked at $X per square meter in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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