Western Africa: Silk Tie Market 2024

Silk Tie Market Size in Western Africa

The West African silk tie market fell modestly to $X in 2022, which is down by X% against the previous year. In general, consumption, however, showed a pronounced contraction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Silk Tie Production in Western Africa

In value terms, silk tie production declined slightly to $X in 2022 estimated in export price. In general, production, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2014 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Silk Tie Exports

Exports in Western Africa

After three years of decline, overseas shipments of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) increased by X% to X units in 2022. Over the period under review, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, silk tie exports contracted to $X in 2022. Overall, exports, however, saw a dramatic downturn. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the key exporting country with an export of around X units, which recorded X% of total exports. It was distantly followed by Sierra Leone (X units), comprising a X% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) exports, with a CAGR of X% from 2012 to 2022. Sierra Leone (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire increased by X percentage points.

In value terms, Sierra Leone ($X) remains the largest silk tie supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with an X% share of total exports.

In Sierra Leone, silk tie exports shrank by an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, falling by X% against the previous year. Over the period under review, the export price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2017 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Cote d'Ivoire totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%).

Silk Tie Imports

Imports in Western Africa

In 2022, purchases abroad of ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, imports recorded a significant decrease. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, silk tie imports dropped significantly to $X in 2022. Over the period under review, imports showed a deep reduction. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Cote d'Ivoire was the largest importing country with an import of around X units, which accounted for X% of total imports. Burkina Faso (X units) held the second position in the ranking, followed by Ghana (X units), Guinea (X units), Cabo Verde (X units), Nigeria (X units), Gambia (X units), Benin (X units) and Mali (X units). All these countries together took approx. X% share of total imports. Togo (X units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to silk tie imports into Cote d'Ivoire stood at X%. At the same time, Benin (X%), Burkina Faso (X%), Gambia (X%), Mali (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Cabo Verde (X%), Ghana (X%), Togo (X%) and Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Burkina Faso, Ghana, Guinea, Cabo Verde, Gambia, Benin, Mali and Togo increased by X, X, X, X, X, X, X, X and X percentage points, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported ties, bow ties and cravats of silk or silk waste (excluding knitted or crocheted) in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Burkina Faso, with an X% share.

From 2012 to 2022, the average annual growth rate of value in Ghana was relatively modest. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Burkina Faso (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, picking up by X% against the previous year. Over the period under review, the import price enjoyed a significant increase. The growth pace was the most rapid in 2013 an increase of X% against the previous year. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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