Nigeria: Clutch Market 2024

Clutch Market Size in Nigeria

The Nigerien clutch market surged to $X in 2022, picking up by 162% 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). In general, consumption, however, showed a noticeable reduction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Clutch Exports

Exports from Nigeria

In 2022, exports of clutches from Nigeria skyrocketed to X tons, jumping by 88% against the year before. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 476%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, clutch exports skyrocketed to $X in 2022. In general, exports enjoyed strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 745%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Angola (X tons) was the main destination for clutch exports from Nigeria, accounting for a 57% share of total exports. Moreover, clutch exports to Angola exceeded the volume sent to the second major destination, Sierra Leone (X tons), fivefold. The third position in this ranking was held by Benin (X tons), with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Angola amounted to +29.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sierra Leone (+19.6% per year) and Benin (+92.6% per year).

In value terms, Angola ($X) remains the key foreign market for clutches exports from Nigeria, comprising 39% of total exports. The second position in the ranking was taken by Kenya ($X), with an 18% share of total exports. It was followed by Benin, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Angola totaled +32.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (+69.7% per year) and Benin (+90.6% per year).

Export Prices by Country

The average clutch export price stood at $X per ton in 2022, picking up by 40% against the previous year. In general, the export price, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2014 an increase of 47%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Clutch Imports

Imports into Nigeria

In 2022, the amount of clutches imported into Nigeria skyrocketed to X tons, growing by 143% against 2021. Overall, imports, however, saw a perceptible descent. The pace of growth appeared the most rapid in 2013 with an increase of 153% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, clutch imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a mild reduction. The growth pace was the most rapid in 2013 with an increase of 265%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and Germany (X tons) were the main suppliers of clutch imports to Nigeria, with a combined 82% share of total imports. Singapore, the United States, Taiwan (Chinese), Japan and the United Arab Emirates lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +29.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Germany ($X) were the largest clutch suppliers to Nigeria, with a combined 54% share of total imports. The United States, Japan, Taiwan (Chinese), Singapore and the United Arab Emirates lagged somewhat behind, together comprising a further 18%.

Japan, with a CAGR of +14.8%, saw the highest growth rate of 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 clutch import price amounted to $X per ton, rising by 42% against the previous year. Overall, the import price continues to indicate slight growth. The pace of growth appeared the most rapid in 2014 when the average import price increased by 61% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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