Nigeria: Knitted Fabric Market 2023

Knitted Fabric Market Size in Nigeria

In 2021, the Nigerien knitted fabric market increased by 2.2% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a resilient expansion. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in years to come.

Knitted Fabric Production in Nigeria

In value terms, knitted fabric production soared to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of 88% against the previous year. Knitted fabric production peaked in 2021 and is expected to retain growth in the immediate term.

Knitted Fabric Exports

Exports from Nigeria

In 2021, approx. X tons of knitted or crocheted fabrics were exported from Nigeria; reducing by -54.1% compared with the year before. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2020 when exports increased by 2.2%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, knitted fabric exports rose remarkably to $X in 2021. In general, exports saw a perceptible curtailment. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for knitted fabric exports from Nigeria, with a 2,041% share of total exports. Moreover, knitted fabric exports to Germany exceeded the volume sent to the second major destination, Turkey (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 416% share.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +18,420.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (0.0% per year) and China (+30,334.8% per year).

In value terms, Germany ($X) emerged as the key foreign market for knitted or crocheted fabrics exports from Nigeria, comprising 156% of total exports. The second position in the ranking was taken by Turkey ($X), with a 73% share of total exports. It was followed by China, with a 30% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +5,981.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (0.0% per year) and China (+4,585.6% per year).

Export Prices by Country

The average knitted fabric export price stood at $X per ton in 2021, with an increase of 134% against the previous year. Over the period under review, the export price saw buoyant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to El Salvador ($X per ton) and India ($X per ton), while the average price for exports to China ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+32.1%), while the prices for the other major destinations experienced a decline.

Knitted Fabric Imports

Imports into Nigeria

In 2021, after four years of growth, there was significant decline in purchases abroad of knitted or crocheted fabrics, when their volume decreased by -56.4% to X tons. In general, imports, however, showed a moderate increase. The growth pace was the most rapid in 2013 when imports increased by 74%. Imports peaked at X tons in 2020, and then shrank sharply in the following year.

In value terms, knitted fabric imports shrank notably to $X in 2021. Overall, imports, however, showed a mild increase. The growth pace was the most rapid in 2013 when imports increased by 107%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of knitted fabric to Nigeria, with a 21% share of total imports. It was followed by Ghana (X tons), with a 0.6% share of total imports. The third position in this ranking was taken by Germany (X tons), with a 0.5% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Ghana (+19.4% per year) and Germany (-11.7% per year).

In value terms, China ($X) constituted the largest supplier of knitted or crocheted fabrics to Nigeria, comprising 27% of total imports. The second position in the ranking was taken by Ghana ($X), with a 2.4% share of total imports. It was followed by Germany, with a 0.7% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ghana (+23.9% per year) and Germany (-14.2% per year).

Import Prices by Country

The average knitted fabric import price stood at $X per ton in 2021, dropping by -7.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 30% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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