Puerto Rico: Knitted Fabric Market 2024

Knitted Fabric Market Size in Puerto Rico

After two years of decline, the Puerto Rican knitted fabric market increased by 18% to $X in 2021. In general, consumption, however, recorded a relatively flat trend pattern. Puerto Rico consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Knitted Fabric Production in Puerto Rico

In value terms, knitted fabric production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

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Knitted Fabric Exports

Exports from Puerto Rico

In 2021, approx. less than X kg of knitted or crocheted fabrics were exported from Puerto Rico; approximately mirroring the previous year. In general, exports saw a relatively flat trend pattern.

In value terms, knitted fabric exports stood at less than $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern.

Exports by Country

China represented the main exporting country with an export of around X tons, which recorded 48% of total exports. It was distantly followed by Turkey (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons), together comprising a 19% share of total exports. Vietnam (X tons), Hong Kong SAR (X tons), India (X tons), Belarus (X tons), the United States (X tons) and Italy (X tons) held a little share of total exports.

Exports from China increased at an average annual rate of +6.1% from 2012 to 2021. At the same time, Belarus (+41.4%), Vietnam (+22.0%), India (+10.8%), Turkey (+5.3%) and Italy (+1.3%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in the world, with a CAGR of +41.4% from 2012-2021. By contrast, Taiwan (Chinese) (-2.7%), the United States (-3.4%), South Korea (-4.6%) and Hong Kong SAR (-6.6%) illustrated a downward trend over the same period. China (+9.5 p.p.), Vietnam (+2.9 p.p.) and Belarus (+2.1 p.p.) significantly strengthened its position in terms of the global exports, while the United States, Taiwan (Chinese), Hong Kong SAR and South Korea saw its share reduced by -1.6%, -3.8%, -5.3% and -7.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest knitted fabric supplier from Puerto Rico, comprising 36% of global exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 8.2% share of global exports. It was followed by South Korea, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +4.4%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+0.2% per year) and South Korea (-5.6% per year).

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, therefore, remained relatively stable against the previous year. In general, the export price saw a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.2%), while the other leaders experienced more modest paces of growth.

Knitted Fabric Imports

Imports into Puerto Rico

In 2021, imports of knitted or crocheted fabrics into Puerto Rico stood at less than X kg, remaining constant against the year before. In general, imports recorded a relatively flat trend pattern.

In value terms, knitted fabric imports amounted to less than $X in 2021. Over the period under review, imports saw a relatively flat trend pattern.

Imports by Country

In 2021, Vietnam (X tons), followed by Cambodia (X tons) and Bangladesh (X tons) were the largest importers of knitted or crocheted fabrics, together achieving 21% of total imports. The following importers - Indonesia (X tons), the United States (X tons), India (X tons), Russia (X tons), Hong Kong SAR (X tons), Mexico (X tons), Brazil (X tons), Morocco (X tons), Belarus (X tons) and Myanmar (X tons) - together made up 30% of total imports.

Imports into Vietnam increased at an average annual rate of +5.1% from 2012 to 2021. At the same time, Belarus (+34.3%), Myanmar (+25.0%), Bangladesh (+13.7%), Morocco (+11.4%), India (+8.1%), Cambodia (+6.7%), Russia (+4.7%), Brazil (+3.3%), Mexico (+3.1%) and Indonesia (+2.2%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing importer imported in the world, with a CAGR of +34.3% from 2012-2021. The United States experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-5.9%) illustrated a downward trend over the same period. While the share of Bangladesh (+2.4 p.p.), Belarus (+1.9 p.p.) and Myanmar (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of the United States (-2.5 p.p.) and Hong Kong SAR (-5.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported knitted or crocheted fabrics into Puerto Rico, comprising 15% of global imports. The second position in the ranking was taken by Cambodia ($X), with a 6.6% share of global imports. It was followed by Indonesia, with a 5.5% share.

In Vietnam, knitted fabric imports expanded at an average annual rate of +4.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cambodia (+7.0% per year) and Indonesia (+1.4% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per ton, approximately equating the previous year. Over the period under review, the import price saw a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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