Based on the data provided, there has been a consistent year-on-year decline in the export value of wool, animal hair, horsehair yarn, and fabric from Belgium over the past decade, with a notable decrease from $151.06 million in 2013 to $85.926 million in 2023. This represents an overall reduction of approximately 43.1%.
The year-on-year variation shows significant fluctuations, including notable drops in 2015, 2018, 2020, 2022, and 2023. These years experienced declines of 10.81%, 16.21%, 20.29%, 4.14%, and 4.23% respectively. The last five years saw an average compound annual growth rate (CAGR) of -3.13%, illustrating a consistent downward trend.
Looking ahead, the forecasted data from 2024 to 2028 indicates a continued decline, with an average annual decrease projected at -4.16%. By 2028, the export value is expected to fall to about $66.104 million.
Future trends to watch for:
- The impact of geopolitical changes and trade policies that might affect Belgium's export market.
- Shifts in global demand for wool and animal hair textiles due to changes in fashion trends and preferences for sustainable materials.
- Technological advancements in textile production and alternative materials that could either mitigate or exacerbate the decline.
- Economic conditions in key export markets which might influence demand fluctuations.
