Nigeria: Knitted Fabric Market 2024

Knitted Fabric Market Size in Nigeria

The Nigerien knitted fabric market was estimated at $X in 2022, growing by X% against the previous year. In general, consumption continues to indicate a strong increase. Knitted fabric consumption peaked in 2022 and is likely to continue growth in the near future.

Knitted Fabric Production in Nigeria

In value terms, knitted fabric production declined to $X in 2022 estimated in export price. In general, production saw a strong increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2021, and then contracted in the following year.

Knitted Fabric Exports

Exports from Nigeria

After four years of decline, overseas shipments of knitted or crocheted fabrics increased by X% to X tons in 2021. Overall, exports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, knitted fabric exports amounted to $X in 2021. Over the period under review, exports, however, saw a perceptible descent. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Kenya (X tons) was the main destination for knitted fabric exports from Nigeria, accounting for a X% share of total exports. Moreover, knitted fabric exports to Kenya exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. The third position in this ranking was taken by Niger (X kg), with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Kenya stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Niger (X% per year).

In value terms, Kenya ($X) remains the key foreign market for knitted or crocheted fabrics exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Niger, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Kenya totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Niger (X% per year).

Export Prices by Country

The average knitted fabric export price stood at $X per ton in 2021, growing by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kenya ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced mixed trend patterns.

Knitted Fabric Imports

Imports into Nigeria

In 2022, knitted fabric imports into Nigeria soared to X tons, jumping by X% compared with 2021 figures. In general, imports saw a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, knitted fabric imports surged to $X in 2022. Overall, imports saw strong growth. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of knitted fabric to Nigeria, with a X% share of total imports. Moreover, knitted fabric imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and the United States (X% per year).

In value terms, China ($X) constituted the largest supplier of knitted or crocheted fabrics to Nigeria, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average knitted fabric import price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of X%. Over the period under review, average import prices reached the maximum at $X per ton 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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