Nigeria: Market for Cotton (Carded Or Combed) 2024

Market Size for Cotton (Carded Or Combed) in Nigeria

The Nigerien cotton (carded or combed) market amounted to $X in 2022, picking up by 5.1% against the previous year. Overall, consumption saw significant growth. Cotton (carded or combed) consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Cotton (Carded Or Combed) in Nigeria

In value terms, cotton (carded or combed) production totaled $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced downturn. The growth pace was the most rapid in 2019 with an increase of 3.3% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Cotton (Carded Or Combed)

Exports from Nigeria

In 2022, overseas shipments of cotton (carded or combed) were finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, saw a sharp reduction. The growth pace was the most rapid in 2018 with an increase of 16%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, cotton (carded or combed) exports expanded significantly to $X in 2022. Over the period under review, exports, however, faced a sharp slump. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana (X kg) was the main destination for cotton (carded or combed) exports from Nigeria, with a 73% share of total exports. Moreover, cotton (carded or combed) exports to Ghana exceeded the volume sent to the second major destination, Benin (X kg), ninefold. Portugal (X kg) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana stood at +54.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-24.8% per year) and Portugal (-37.3% per year).

In value terms, the largest markets for cotton (carded or combed) exported from Nigeria were Burkina Faso ($X), Ghana ($X) and Portugal ($X), with a combined 81% share of total exports.

Among the main countries of destination, Ghana, with a CAGR of +35.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average cotton (carded or combed) export price stood at $X per ton in 2022, leveling off at the previous year. Overall, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2017 when the average export price increased by 46%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the 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 Burkina Faso ($X per ton), while the average price for exports to Ghana ($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 Burkina Faso (+25.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Cotton (Carded Or Combed)

Imports into Nigeria

For the third consecutive year, Nigeria recorded growth in supplies from abroad of cotton (carded or combed), which increased by 162% to X tons in 2022. In general, imports, however, saw a drastic downturn. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, cotton (carded or combed) imports surged to $X in 2022. Overall, imports, however, saw a abrupt decline. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of cotton (carded or combed) to Nigeria, with a 98% share of total imports. It was followed by India (X kg), with a 0.3% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-47.0% per year) and the United Arab Emirates (-39.6% per year).

In value terms, China ($X) constituted the largest supplier of cotton (carded or combed) to Nigeria, comprising 95% of total imports. The second position in the ranking was taken by India ($X), with a 0.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-44.1% per year) and the United Arab Emirates (-42.0% per year).

Import Prices by Country

The average cotton (carded or combed) import price stood at $X per ton in 2022, growing by 29% against the previous year. In general, the import price, however, recorded a deep downturn. The growth pace was the most rapid in 2014 when the average import price increased by 89%. The import price peaked at $X per ton in 2019; however, from 2020 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 India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+38.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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