Nigeria: Market for Wood Boxes, Crates and Cable Drums 2024

Market Size for Wood Boxes, Crates and Cable Drums in Nigeria

The Nigerien market for wood boxes, crates and cable drums fell to $X in 2022, shrinking by -8.9% against the previous year. In general, consumption, however, posted a prominent increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Wood Boxes, Crates and Cable Drums in Nigeria

In value terms, wood box and cable drum production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent expansion. The growth pace was the most rapid in 2019 with an increase of 60%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Wood Boxes, Crates and Cable Drums

Exports from Nigeria

In 2022, approx. X units of wood boxes, crates and cable drums were exported from Nigeria; which is down by -8.9% on the previous year's figure. Overall, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 100% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, wood box and cable drum exports dropped significantly to $X in 2022. In general, exports showed a dramatic curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 99%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X units) was the main destination for wood box and cable drum exports from Nigeria, accounting for a 99% share of total exports. It was followed by the United States (X units), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Ghana amounted to +111.8%.

In value terms, Ghana ($X) remains the key foreign market for wood boxes, crates and cable drums exports from Nigeria, comprising 100% of total exports. The second position in the ranking was held by the United States ($X), with less than 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana amounted to +129.2%.

Export Prices by Country

In 2022, the average export price for wood boxes, crates and cable drums amounted to $X per unit, which is down by -16.7% against the previous year. Overall, the export price, however, posted a measured increase. The most prominent rate of growth was recorded in 2015 an increase of 146%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to the United States stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+8.2%).

Imports of Wood Boxes, Crates and Cable Drums

Imports into Nigeria

In 2022, after two years of decline, there was significant growth in purchases abroad of wood boxes, crates and cable drums, when their volume increased by 26% to X units. In general, imports posted a prominent increase. The pace of growth appeared the most rapid in 2013 with an increase of 1,204%. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, wood box and cable drum imports reached $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 670% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of wood box and cable drum to Nigeria, with a 50% share of total imports. Moreover, wood box and cable drum imports from Germany exceeded the figures recorded by the second-largest supplier, Romania (X units), fourfold. Finland (X units) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +82.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+112.1% per year) and Finland (+10.0% per year).

In value terms, the largest wood box and cable drum suppliers to Nigeria were Romania ($X), Finland ($X) and Belgium ($X), together accounting for 55% of total imports.

Romania, with a CAGR of +121.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for wood boxes, crates and cable drums amounted to $X per unit, falling by -20.3% against the previous year. Over the period under review, the import price saw a drastic downturn. The pace of growth was the most pronounced in 2016 when the average import price increased by 61%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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