Nigeria: Market for Blankets And Travelling Rugs Of Synthetic Fibres 2024

Market Size for Blankets And Travelling Rugs Of Synthetic Fibres in Nigeria

The Nigerien market for blankets and travelling rugs of synthetic fibres reached $X in 2022, growing by 3.7% against the previous year. Over the period under review, consumption, however, saw a noticeable decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Blankets And Travelling Rugs Of Synthetic Fibres in Nigeria

In value terms, travelling rugs of synthetic fibre production expanded rapidly to $X in 2022 estimated in export price. Overall, production, however, showed a deep setback. The growth pace was the most rapid in 2020 with an increase of 23%. Travelling rugs of synthetic fibre production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Blankets And Travelling Rugs Of Synthetic Fibres

Exports from Nigeria

In 2022, overseas shipments of blankets and travelling rugs of synthetic fibres increased by 8.5% to X units, rising for the fourth year in a row after six years of decline. In general, exports, however, faced a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of 319% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, travelling rugs of synthetic fibre exports rose rapidly to $X in 2022. Over the period under review, exports, however, faced a significant decline. The pace of growth appeared the most rapid in 2019 with an increase of 301%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Niger (X units) was the main destination for travelling rugs of synthetic fibre exports from Nigeria, accounting for a 95% share of total exports. Moreover, travelling rugs of synthetic fibre exports to Niger exceeded the volume sent to the second major destination, Canada (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Niger was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (0.0% per year) and Benin (-47.8% per year).

In value terms, Niger ($X) remains the key foreign market for blankets and travelling rugs of synthetic fibres exports from Nigeria, comprising 55% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 25% share of total exports. It was followed by Canada, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Niger totaled -10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-18.0% per year) and Canada (+50.7% per year).

Export Prices by Country

The average export price for blankets and travelling rugs of synthetic fibres stood at $X per unit in 2022, picking up by 3.6% against the previous year. In general, the export price, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2013 when the average export price increased by 21% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Niger ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+51.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Blankets And Travelling Rugs Of Synthetic Fibres

Imports into Nigeria

In 2022, overseas purchases of blankets and travelling rugs of synthetic fibres decreased by -69.6% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, recorded a noticeable expansion. The pace of growth was the most pronounced in 2014 with an increase of 684% against the previous year. Imports peaked at X units in 2021, and then declined notably in the following year.

In value terms, travelling rugs of synthetic fibre imports declined significantly to $X in 2022. In general, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 470% against the previous year. Imports peaked at $X in 2021, and then shrank markedly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of travelling rugs of synthetic fibre to Nigeria, with a 73% share of total imports. Moreover, travelling rugs of synthetic fibre imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fourfold. The third position in this ranking was taken by the United Arab Emirates (X units), with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (0.0% per year) and the United Arab Emirates (+6.4% per year).

In value terms, India ($X) constituted the largest supplier of blankets and travelling rugs of synthetic fibres to Nigeria, comprising 63% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by the United Arab Emirates, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value from India was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.2% per year) and the United Arab Emirates (+22.5% per year).

Import Prices by Country

The average import price for blankets and travelling rugs of synthetic fibres stood at $X per unit in 2022, jumping by 149% against the previous year. In general, the import price continues to indicate strong growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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