Nigeria: Files And Rasps Market 2024

Files And Rasps Exports

Exports from Nigeria

In 2022, shipments abroad of files, rasps and similar tools was finally on the rise to reach X units after three years of decline. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 558% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, files and rasps exports declined modestly to $X in 2022. Overall, exports, however, recorded a pronounced decline. The pace of growth appeared the most rapid in 2014 with an increase of 495% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Burkina Faso (X units) was the main destination for files and rasps exports from Nigeria, with a 86% share of total exports. Moreover, files and rasps exports to Burkina Faso exceeded the volume sent to the second major destination, Sao Tome and Principe (X units), more than tenfold. Cameroon (X units) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso stood at +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sao Tome and Principe (-0.1% per year) and Cameroon (-11.2% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for files, rasps and similar tools exports from Nigeria, comprising 60% of total exports. The second position in the ranking was held by Sao Tome and Principe ($X), with an 18% share of total exports. It was followed by Australia, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Burkina Faso stood at +36.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sao Tome and Principe (-6.5% per year) and Australia (0.0% per year).

Export Prices by Country

In 2022, the average files and rasps export price amounted to $X per unit, falling by -15.5% against the previous year. Over the period under review, the export price showed a perceptible descent. The pace of growth was the most pronounced in 2021 an increase of 48% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Cameroon ($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 Ghana (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

Files And Rasps Imports

Imports into Nigeria

Files and rasps imports into Nigeria surged to X units in 2022, growing by 127% compared with the previous year's figure. In general, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 192% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, files and rasps imports surged to $X in 2022. Overall, imports, however, saw a slight reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 185%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X units) constituted the largest files and rasps supplier to Nigeria, with a 66% share of total imports. Moreover, files and rasps imports from India exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Germany (X units) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from India totaled +29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.8% per year) and Germany (+9.1% per year).

In value terms, India ($X) constituted the largest supplier of files, rasps and similar tools to Nigeria, comprising 46% of total imports. The second position in the ranking was taken by Germany ($X), with a 13% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from India totaled +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.5% per year) and China (+2.6% per year).

Import Prices by Country

In 2022, the average files and rasps import price amounted to $X per unit, which is down by -38.9% against the previous year. Overall, the import price showed a abrupt downturn. The pace of growth appeared the most rapid in 2014 an increase of 83% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Antigua and Barbuda ($X per unit), while the price for Brazil (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Antigua and Barbuda (+8.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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