Portugal: Men Knitwear Market 2024

Men Knitwear Market Size in Portugal

For the fifth consecutive year, the Portuguese men knitwear market recorded decline in sales value, which decreased by -38.7% to $X in 2022. Over the period under review, consumption, however, saw a tangible expansion. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Men Knitwear Production in Portugal

In value terms, men knitwear production contracted dramatically to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a perceptible increase. The growth pace was the most rapid in 2017 with an increase of 105% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Men Knitwear Exports

Exports from Portugal

In 2022, the amount of men's or boys' clothing (knitted or crocheted) exported from Portugal reduced to X units, declining by -8.2% on the year before. Over the period under review, total exports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.3% 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 +72.4% against 2018 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 83%. As a result, the exports reached the peak of X units, and then dropped in the following year.

In value terms, men knitwear exports reduced modestly to $X in 2022. In general, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 when exports increased by 69% against the previous year. As a result, the exports attained the peak of $X, and then contracted slightly in the following year.

Exports by Country

Spain (X units) was the main destination for men knitwear exports from Portugal, accounting for a 31% share of total exports. Moreover, men knitwear exports to Spain exceeded the volume sent to the second major destination, France (X units), threefold. Italy (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain totaled -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+0.6% per year) and Italy (+17.0% per year).

In value terms, the largest markets for men knitwear exported from Portugal were Spain ($X), Italy ($X) and France ($X), together comprising 46% of total exports. The UK, Germany, the Netherlands, Denmark, Tunisia and the United Arab Emirates lagged somewhat behind, together accounting for a further 35%.

Among the main countries of destination, Denmark, with a CAGR of +19.3%, recorded 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 average men knitwear export price stood at $X per unit in 2022, surging by 7.8% against the previous year. Over the period under review, the export price saw a buoyant increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 72%. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Tunisia ($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 the UK (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into Portugal

In 2022, approx. X units of men's or boys' clothing (knitted or crocheted) were imported into Portugal; surging by 9.3% on the previous year's figure. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +38.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 28%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, men knitwear imports skyrocketed to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.5% 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 +49.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 29%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Spain (X units) constituted the largest men knitwear supplier to Portugal, with a 47% share of total imports. Moreover, men knitwear imports from Spain exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. The third position in this ranking was held by Bangladesh (X units), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain totaled +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-9.7% per year) and Bangladesh (+8.3% per year).

In value terms, Spain ($X) constituted the largest supplier of men's or boys' clothing (knitted or crocheted) to Portugal, comprising 45% of total imports. The second position in the ranking was held by Belgium ($X), with a 10% share of total imports. It was followed by Italy, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+4.2% per year) and Italy (+7.7% per year).

Import Prices by Country

The average men knitwear import price stood at $X per unit in 2022, growing by 5.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2013 an increase of 22%. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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