ECOWAS: Travelling Wool Rug Market 2023

Travelling Wool Rug Market Size in ECOWAS

The ECOWAS travelling wool rug market shrank slightly to $X in 2022, falling by -2.5% against the previous year. Over the period under review, consumption, however, saw buoyant growth. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Travelling Wool Rug Production in ECOWAS

In value terms, travelling wool rug production reduced modestly to $X in 2022 estimated in export price. In general, production, however, saw a prominent expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 31% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Travelling Wool Rug Exports

Exports in ECOWAS

After two years of growth, shipments abroad of blankets and travelling rugs of wool decreased by -8.5% to X units in 2022. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 638% against the previous year. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, travelling wool rug exports reduced to $X in 2022. In general, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2013 when exports increased by 1,198% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Togo was the main exporting country with an export of about X units, which reached 68% of total exports. Cote d'Ivoire (X units) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (9.2%). The following exporters - Niger (X units) and Nigeria (X units) - together made up 4.8% of total exports.

Togo was also the fastest-growing in terms of the blankets and travelling rugs of wool exports, with a CAGR of +20.4% from 2012 to 2022. At the same time, Niger (+5.3%) displayed positive paces of growth. By contrast, Nigeria (-3.8%), Burkina Faso (-14.7%) and Cote d'Ivoire (-17.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Burkina Faso increased by +17 and +9.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest travelling wool rug supplier in ECOWAS, comprising 57% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 23% share of total exports. It was followed by Cote d'Ivoire, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Togo totaled +27.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (-7.7% per year) and Cote d'Ivoire (-23.6% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, falling by -5.9% against the previous year. Export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, travelling wool rug export price increased by +28.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 76% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+8.2%), while the other leaders experienced more modest paces of growth.

Travelling Wool Rug Imports

Imports in ECOWAS

In 2022, purchases abroad of blankets and travelling rugs of wool increased by 37% to X units, rising for the third year in a row after four years of decline. In general, imports saw a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of 131% against the previous year. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, travelling wool rug imports shrank modestly to $X in 2022. Overall, imports showed a buoyant expansion. The growth pace was the most rapid in 2020 when imports increased by 165% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Senegal represented the major importing country with an import of around X units, which accounted for 61% of total imports. Ghana (X units) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (7.8%) and Nigeria (7.7%). Mali (X units), Togo (X units), Burkina Faso (X units) and Niger (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to travelling wool rug imports into Senegal stood at +16.0%. At the same time, Guinea (+35.8%), Mali (+32.3%), Niger (+29.2%), Burkina Faso (+14.0%), Ghana (+7.6%) and Togo (+6.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.8% from 2012-2022. By contrast, Nigeria (-6.7%) illustrated a downward trend over the same period. Senegal (+32 p.p.), Guinea (+7 p.p.) and Mali (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -24.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest travelling wool rug importing markets in ECOWAS were Senegal ($X), Nigeria ($X) and Guinea ($X), with a combined 67% share of total imports.

In terms of the main importing countries, Guinea, with a CAGR of +38.0%, saw the highest growth rate of 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 2022, the import price in ECOWAS amounted to $X per unit, dropping by -28.9% against the previous year. Overall, the import price showed a pronounced decrease. The pace of growth was the most pronounced in 2015 when the import price increased by 26% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the import prices remained at a somewhat 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 Nigeria ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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