Western Africa: Woolen Fabric Market 2022

Woolen Fabric Market Size in Western Africa

In 2021, the West African woolen fabric market was finally on the rise to reach $X for the first time since 2015, thus ending a five-year declining trend. Over the period under review, consumption, however, continues to indicate a pronounced reduction. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Woolen Fabric Production in Western Africa

In value terms, woolen fabric production expanded significantly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2015 with an increase of 13% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Woolen Fabric Exports

Exports in Western Africa

In 2021, shipments abroad of woven woolen fabrics increased by 42% to X square meters, rising for the third year in a row after three years of decline. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 195% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, woolen fabric exports soared to $X in 2021. Total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Togo (X square meters) and Mali (X square meters) were the largest exporters of woven woolen fabrics in 2021, resulting at near 4.8% and 59% of total exports, respectively. Togo (X square meters) ranks next in terms of the total exports with a 4.8% share, followed by Mali (59%), Benin (25%) and Nigeria (8.3%). Sierra Leone (X square meters) held a little share of total exports.

From 2012 to 2021, woolen fabric exports from expanded with a Mali of +68.0%, while Togo (-6.5%) experienced a abrupt setback unchanged over the same period. At the same time, Mali (+68.0%), Benin (+51.4%), Sierra Leone (+23.4%) and Nigeria (+14.0%) displayed positive paces of growth. By contrast, Togo (-6.5%) illustrated a downward trend over the same period. While the share of Mali (+55 p.p.), Benin (+21 p.p.) and Sierra Leone (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-8.1 p.p.) and Togo (-51.9 p.p.) displayed negative dynamics.

In value terms, the largest woolen fabric supplying countries in Western Africa were Mali ($X), Togo ($X) and Benin ($X), with a combined 84% share of total exports.

Among the main exporting countries, Mali, with a CAGR of +55.4%, saw the highest rates of growth with regard to 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 Western Africa stood at $X per square meter in 2021, with an increase of 17% against the previous year. Over the period under review, the export price, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2018 when the export price increased by 109% against the previous year. As a result, the export price attained the peak level of $X per square meter. From 2019 to 2021, the the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Togo ($X per square meter), while Nigeria ($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 Togo (+0.3%), while the other leaders experienced a decline in the export price figures.

Woolen Fabric Imports

Imports in Western Africa

Woolen fabric imports declined markedly to X square meters in 2021, shrinking by -18.9% against 2020. In general, imports continue to indicate a mild downturn. The pace of growth was the most pronounced in 2015 with an increase of 23%. As a result, imports reached the peak of X square meters. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, woolen fabric imports shrank dramatically to $X in 2021. Over the period under review, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2015 when imports increased by 178% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Senegal dominates imports structure, finishing at X square meters, which was approx. 71% of total imports in 2021. Cote d'Ivoire (X square meters) took a 6.7% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (12%). Benin (X square meters), Burkina Faso (X square meters) and Mauritania (X square meters) held a minor share of total imports.

Imports into Senegal decreased at an average annual rate of -2.3% from 2012 to 2021. At the same time, Benin (+7.5%), Burkina Faso (+5.9%), Nigeria (+5.6%) and Mauritania (+5.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +7.5% from 2012-2021. By contrast, Cote d'Ivoire (-5.7%) and Sierra Leone (-55.5%) illustrated a downward trend over the same period. While the share of Nigeria (+5.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-3.4 p.p.) and Senegal (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Senegal ($X) were the countries with the highest levels of imports in 2021, with a combined 64% share of total imports. These countries were followed by Mauritania, Benin and Burkina Faso, which together accounted for a further 24%.

In terms of the main importing countries, Benin, with a CAGR of +6.8%, recorded the highest rates of growth with regard to the value of imports, 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 Western Africa amounted to $X per square meter, with a decrease of -75.2% against the previous year. In general, the import price continues to indicate a abrupt decline. The growth pace was the most rapid in 2015 when the import price increased by 126%. The level of import peaked at $X per square meter in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Benin ($X per square meter), while Senegal ($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 Sierra Leone (+65.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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