Western Africa: Woolen Yarn Market 2024

Woolen Yarn Market Size in Western Africa

The West African woolen yarn market expanded remarkably to $X in 2023, picking up by X% against the previous year. Over the period under review, consumption, however, showed a noticeable decline. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Woolen Yarn Production in Western Africa

In value terms, woolen yarn production expanded slightly to $X in 2023 estimated in export price. Over the period under review, production, however, showed a pronounced decline. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Woolen Yarn Exports

Exports in Western Africa

Woolen yarn exports rose rapidly to X tons in 2023, with an increase of X% against 2022 figures. In general, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, woolen yarn exports rose markedly to $X in 2023. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, accounting for X tons, which was approx. X% of total exports in 2023. It was distantly followed by Ghana (X tons) and Mali (X tons), together comprising a X% share of total exports. The following exporters - Burkina Faso (X tons) and Niger (X tons) - each amounted to a X% share of total exports.

Exports from Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Ghana (X%) and Niger (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Mali (X%) and Burkina Faso (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Nigeria, Ghana and Burkina Faso increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest woolen yarn supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Mali ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

In Nigeria, woolen yarn exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, waning by X% against the previous year. In general, the export price saw a abrupt contraction. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced a decline in the export price figures.

Woolen Yarn Imports

Imports in Western Africa

Woolen yarn imports skyrocketed to X tons in 2023, rising by X% against 2022 figures. Overall, imports posted a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, woolen yarn imports rose significantly to $X in 2023. Over the period under review, imports saw a prominent increase. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports hit record highs in 2023 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2023, Burkina Faso (X tons) was the largest importer of yarn of wool, creating X% of total imports. Togo (X tons) ranks second in terms of the total imports with a X% share, followed by Nigeria (X%). Ghana (X tons) took a minor share of total imports.

Imports into Burkina Faso increased at an average annual rate of X% from 2012 to 2023. At the same time, Togo (X%), Nigeria (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Togo and Nigeria increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported yarn of wool in Western Africa, comprising X% of total imports. The second position in the ranking was held by Burkina Faso ($X), with a X% share of total imports. It was followed by Togo, with an X% share.

From 2012 to 2023, the average annual growth rate of value in Ghana totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Burkina Faso (X% per year) and Togo (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, falling by X% against the previous year. Over the period under review, the import price saw a abrupt decline. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2023, 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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform