Nigeria: Bearing Market 2024

Bearing Market Size in Nigeria

In 2021, after four years of growth, there was significant decline in the Nigerien bearing market, when its value decreased by -10.2% to $X. In general, consumption, however, continues to indicate buoyant growth. Over the period under review, the market reached the peak level at $X in 2020, and then reduced in the following year.

Bearing Exports

Exports from Nigeria

After two years of growth, shipments abroad of ball and roller bearings decreased by -53.5% to X tons in 2021. Over the period under review, exports saw a slight setback. The pace of growth appeared the most rapid in 2015 when exports increased by 61% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, bearing exports dropped remarkably to $X in 2021. In general, exports, however, posted mild growth. The most prominent rate of growth was recorded in 2013 with an increase of 38% against the previous year. The exports peaked at $X in 2020, and then contracted notably in the following year.

Exports by Country

India (X tons) was the main destination for bearing exports from Nigeria, accounting for a 19% share of total exports. Moreover, bearing exports to India exceeded the volume sent to the second major destination, France (X kg), more than tenfold. The third position in this ranking was held by Kenya (X kg), with a 0.6% share.

From 2012 to 2020, the average annual growth rate of volume to India amounted to +206.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+73.6% per year) and Kenya (+33.7% per year).

In value terms, India ($X) emerged as the key foreign market for ball and roller bearings exports from Nigeria, comprising 27% of total exports. The second position in the ranking was taken by Kenya ($X), with a 10% share of total exports. It was followed by France, with a 9.1% share.

From 2012 to 2020, the average annual rate of growth in terms of value to India stood at +84.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (+35.8% per year) and France (+34.6% per year).

Export Prices by Country

In 2020, the average bearing export price amounted to $X per ton, rising by 11% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2020: its price increased at an average annual rate of +4.1% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, bearing export price increased by +89.6% against 2017 indices. The growth pace was the most rapid in 2014 an increase of 71%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2020, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Zimbabwe ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Sierra Leone (+38.1%), while the prices for the other major destinations experienced mixed trend patterns.

Bearing Imports

Imports into Nigeria

In 2021, after four years of growth, there was significant decline in purchases abroad of ball and roller bearings, when their volume decreased by -10.4% to X tons. In general, imports, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 778% against the previous year. Imports peaked at X tons in 2020, and then shrank in the following year.

In value terms, bearing imports rose significantly to $X in 2021. Overall, imports saw a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 181% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2020, Bangladesh (X tons) constituted the largest bearing supplier to Nigeria, with a 0.1% share of total imports. Moreover, bearing imports from Bangladesh exceeded the figures recorded by the second-largest supplier, Ethiopia (X tons), threefold. The third position in this ranking was held by China (X tons), with less than 0.1% share.

From 2012 to 2020, the average annual rate of growth in terms of volume from Bangladesh was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Ethiopia (+2,846,600.0% per year) and China (+26.1% per year).

In value terms, China ($X) constituted the largest supplier of ball and roller bearings to Nigeria, comprising 72% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with an 8.2% share of total imports. It was followed by the United States, with a 6.2% share.

From 2012 to 2020, the average annual rate of growth in terms of value from China stood at +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+67.2% per year) and the United States (-31.6% per year).

Import Prices by Country

In 2020, the average bearing import price amounted to $X per ton, surging by 9% against the previous year. Over the period under review, the import price, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 an increase of 587%. The import price peaked at $X per ton in 2015; however, from 2016 to 2020, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-7.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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