Puerto Rico: Silk Fabric Market 2023

Silk Fabric Market Size in Puerto Rico

In 2021, the Puerto Rican silk fabric market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -13.6% against 2018 indices. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Silk Fabric Production in Puerto Rico

In value terms, silk fabric production expanded rapidly to $X in 2021 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.0% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of 81%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Silk Fabric Exports

Exports from Puerto Rico

In 2021, approx. less than X square meters of woven fabrics of silk or of silk waste were exported from Puerto Rico; remaining stable against 2020. Over the period under review, exports showed a relatively flat trend pattern.

In value terms, silk fabric exports totaled less than $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern.

Exports by Country

China was the largest exporter of woven fabrics of silk or of silk waste in the world, with the volume of exports resulting at X square meters, which was near 52% of total exports in 2021. It was distantly followed by Italy (X square meters), Turkey (X square meters), South Africa (X square meters) and Japan (X square meters), together generating a 26% share of total exports. India (X square meters), South Korea (X square meters), France (X square meters), the UK (X square meters), Vietnam (X square meters), Spain (X square meters) and Hong Kong SAR (X square meters) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to silk fabric exports from China stood at -10.6%. At the same time, Turkey (+25.5%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.5% from 2012-2021. Vietnam experienced a relatively flat trend pattern. By contrast, Spain (-2.7%), South Africa (-2.9%), Japan (-4.9%), Italy (-6.7%), France (-9.0%), the UK (-10.0%), India (-10.6%), South Korea (-14.6%) and Hong Kong SAR (-23.6%) illustrated a downward trend over the same period. Turkey (+4.9 p.p.), Italy (+2.9 p.p.), South Africa (+2.4 p.p.) and Japan (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while South Korea, Hong Kong SAR and China saw its share reduced by -1.5%, -4.5% and -5.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest silk fabric supplier from Puerto Rico, comprising 45% of global exports. The second position in the ranking was held by Italy ($X), with a 19% share of global exports. It was followed by India, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled -10.5%. In the other countries, the average annual rates were as follows: Italy (-7.5% per year) and India (-6.7% per year).

Export Prices by Country

The export price in Puerto Rico stood at less than $X per thousand square meters in 2021, remaining stable against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($X per thousand square meters), while South Africa ($X per thousand square meters) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.9%), while the other leaders experienced more modest paces of growth.

Silk Fabric Imports

Imports into Puerto Rico

In 2021, the amount of woven fabrics of silk or of silk waste imported into Puerto Rico was estimated at less than X square meters, almost unchanged from the previous year. In general, imports saw a relatively flat trend pattern.

In value terms, silk fabric imports stood at less than $X in 2021. Overall, imports saw a relatively flat trend pattern.

Imports by Country

Nigeria represented the largest importer of woven fabrics of silk or of silk waste in the world, with the volume of imports finishing at X square meters, which was near 60% of total imports in 2021. It was distantly followed by Kyrgyzstan (X square meters), achieving an 11% share of total imports. Italy (X square meters), the United Arab Emirates (X square meters), Vietnam (X square meters), the UK (X square meters), Hong Kong SAR (X square meters), the United States (X square meters), South Korea (X square meters), France (X square meters) and Japan (X square meters) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to silk fabric imports into Nigeria stood at -3.4%. At the same time, Kyrgyzstan (+120.0%) displayed positive paces of growth. Moreover, Kyrgyzstan emerged as the fastest-growing importer imported in the world, with a CAGR of +120.0% from 2012-2021. By contrast, Vietnam (-3.9%), the UK (-4.5%), the United Arab Emirates (-4.9%), Japan (-8.9%), Italy (-9.9%), France (-10.7%), South Korea (-15.1%), Hong Kong SAR (-17.1%) and the United States (-17.6%) illustrated a downward trend over the same period. Kyrgyzstan (+11 p.p.) and Nigeria (+6.9 p.p.) significantly strengthened its position in terms of the global imports, while Italy, the United States and Hong Kong SAR saw its share reduced by -2.4%, -2.6% and -2.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest silk fabric importing markets into Puerto Rico were Italy ($X), the United Arab Emirates ($X) and France ($X), together accounting for 29% of total imports. These countries were followed by Vietnam, the United States, Japan, Hong Kong SAR, South Korea, Kyrgyzstan, the UK and Nigeria, which together accounted for a further 29%.

In terms of the main importing countries, Kyrgyzstan, with a CAGR of +97.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per thousand square meters, almost unchanged from the previous year. Overall, the import price showed a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($X per thousand square meters), while Nigeria ($X per thousand square meters) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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