Nigeria: Woolen Fabric Market 2024

Woolen Fabric Market Size in Nigeria

The Nigerien woolen fabric market contracted to $X in 2023, with a decrease of X% against the previous year. Overall, the total consumption indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Woolen Fabric Production in Nigeria

In value terms, woolen fabric production dropped to $X in 2023 estimated in export price. In general, production, however, posted resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of X%. Woolen fabric production peaked at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Woolen Fabric Exports

Exports from Nigeria

Woolen fabric exports from Nigeria soared to X square meters in 2023, with an increase of X% against the previous year. Over the period under review, exports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 when exports increased by X%. As a result, the exports attained the peak of X square meters. From 2019 to 2023, the growth of the exports remained at a lower figure.

In value terms, woolen fabric exports dropped to $X in 2023. In general, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X square meters) was the main destination for woolen fabric exports from Nigeria, accounting for a X% share of total exports. It was followed by South Africa (X square meters), with a X% share of total exports. The third position in this ranking was held by Switzerland (X square meters), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and Switzerland (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for woven woolen fabrics exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by South Africa ($X), with a X% share of total exports. It was followed by Cyprus, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and Cyprus (X% per year).

Export Prices by Country

In 2023, the average woolen fabric export price amounted to $X per square meter, reducing by X% against the previous year. Overall, the export price recorded a perceptible descent. The growth pace was the most rapid in 2014 an increase of X% against the previous year. The export price peaked at $X per square meter in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Cyprus ($X per square meter), while the average price for exports to Switzerland ($X per square meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (X%), while the prices for the other major destinations experienced mixed trend patterns.

Woolen Fabric Imports

Imports into Nigeria

In 2023, woolen fabric imports into Nigeria declined markedly to X square meters, falling by X% against the previous year's figure. Overall, imports recorded a sharp reduction. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Imports peaked at X square meters in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

In value terms, woolen fabric imports fell rapidly to $X in 2023. Over the period under review, imports saw a sharp decline. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, China (X square meters) constituted the largest supplier of woolen fabric to Nigeria, with a X% share of total imports. Moreover, woolen fabric imports from China exceeded the figures recorded by the second-largest supplier, Italy (X square meters), more than tenfold.

From 2012 to 2023, the average annual growth rate of volume from China totaled X%.

In value terms, China ($X) constituted the largest supplier of woven woolen fabrics to Nigeria, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with an X% share of total imports.

From 2012 to 2023, the average annual growth rate of value from China amounted to X%.

Import Prices by Country

The average woolen fabric import price stood at $X per square meter in 2023, waning by X% against the previous year. Overall, the import price, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2014 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per square meter in 2017; however, from 2018 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Italy ($X per square meter), while the price for China amounted to $X per square meter.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform