IndexBox has just published a new report: ‘Spain – Wool – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

The revenue of the wool market in Spain amounted to $6.9M in 2018, waning by -17.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, wool consumption, however, continues to indicate a remarkable expansion. The pace of growth appeared the most rapid in 2012 with an increase of 101% y-o-y. Wool consumption peaked at $8.4M in 2017, and then declined slightly in the following year.

Production in Spain

In 2018, the wool production in Spain stood at 4.7K tonnes, rising by 34% against the previous year. Overall, wool production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when production volume increased by 34% y-o-y. Wool production peaked at 6.1K tonnes in 2012; however, from 2013 to 2018, production failed to regain its momentum.

In value terms, wool production totaled $7M in 2018 estimated in export prices. In general, wool production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2012 when production volume increased by 173% against the previous year. In that year, wool production reached its peak level of $8.8M. From 2013 to 2018, wool production growth remained at a somewhat lower figure.

Exports from Spain

Wool exports from Spain stood at 1.7K tonnes in 2018, rising by 52% against the previous year. Overall, wool exports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2018 when exports increased by 52% against the previous year. Over the period under review, wool exports attained their peak figure at 3.9K tonnes in 2007; however, from 2008 to 2018, exports stood at a somewhat lower figure.

In value terms, wool exports totaled $3.9M (IndexBox estimates) in 2018. Overall, wool exports, however, continue to indicate an abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 69% y-o-y. Over the period under review, wool exports reached their maximum at $11M in 2007; however, from 2008 to 2018, exports stood at a somewhat lower figure.

Exports by Country

Italy (371 tonnes), Denmark (363 tonnes) and Portugal (348 tonnes) were the main destinations of wool exports from Spain, together comprising 62% of total exports. These countries were followed by Belgium, the UK, France, Lithuania, Germany, Taiwan, Chinese, India and China, which together accounted for a further 32%.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main countries of destination, was attained by Taiwan, Chinese, while the other leaders experienced more modest paces of growth.

In value terms, Denmark ($1.4M), Italy ($874K) and Portugal ($322K) were the largest markets for wool exported from Spain worldwide, together comprising 66% of total exports.

Among the main countries of destination, Denmark recorded the highest growth rate of exports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wool export price stood at $2,228 per tonne in 2018, lowering by -14.4% against the previous year. Over the period under review, the wool export price continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2011 an increase of 24% year-to-year. In that year, the average export prices for wool reached their peak level of $3,048 per tonne. From 2012 to 2018, the growth in terms of the average export prices for wool remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was Denmark ($3,841 per tonne), while the average price for exports to Portugal ($924 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to India, while the prices for the other major destinations experienced more modest paces of growth.

Imports into Spain

Wool imports into Spain amounted to 1.9K tonnes in 2018, dropping by -29.7% against the previous year. In general, wool imports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2016 with an increase of 74% against the previous year. Imports peaked at 2.7K tonnes in 2017, and then declined slightly in the following year.

In value terms, wool imports stood at $4.7M (IndexBox estimates) in 2018. In general, wool imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 49% against the previous year. In that year, wool imports attained their peak of $5.3M, and then declined slightly in the following year.

Imports by Country

In 2018, Portugal (824 tonnes) constituted the largest supplier of wool to Spain, with a 44% share of total imports. Moreover, wool imports from Portugal exceeded the figures recorded by the second-largest supplier, the UK (284 tonnes), threefold. Morocco (270 tonnes) ranked third in terms of total imports with a 14% share.

From 2007 to 2018, the average annual growth rate of volume from Portugal stood at -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+35.5% per year) and Morocco (+42.3% per year).

In value terms, Portugal ($1.4M), the UK ($746K) and New Zealand ($728K) were the largest wool suppliers to Spain, with a combined 62% share of total imports. These countries were followed by Morocco, Australia, Germany and France, which together accounted for a further 28%.

Morocco recorded the highest growth rate of imports, among the main suppliers over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wool import price stood at $2,525 per tonne in 2018, picking up by 26% against the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2018 an increase of 26% against the previous year. Over the period under review, the average import prices for wool attained their maximum at $3,124 per tonne in 2014; however, from 2015 to 2018, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was Australia ($7,649 per tonne), while the price for Portugal ($1,755 per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Germany, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform