Nigeria: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Nigeria

The Nigerien industrial sewing machine market surged to $X in 2022, jumping by 179% 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). Overall, consumption showed significant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Industrial Sewing Machine Exports

Exports from Nigeria

In 2022, overseas shipments of industrial sewing machines were finally on the rise to reach X units after two years of decline. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 82% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, industrial sewing machine exports rose markedly to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 89%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Burkina Faso (X units) was the main destination for industrial sewing machine exports from Nigeria, with a 60% share of total exports. Moreover, industrial sewing machine exports to Burkina Faso exceeded the volume sent to the second major destination, Ghana (X units), fourfold. The third position in this ranking was taken by Niger (X units), with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-9.9% per year) and Niger (+17.5% per year).

In value terms, Ghana ($X), Burkina Faso ($X) and Niger ($X) appeared to be the largest markets for industrial sewing machine exported from Nigeria worldwide, with a combined 90% share of total exports. Cameroon and Cote d'Ivoire lagged somewhat behind, together comprising a further 3.2%.

Among the main countries of destination, Cameroon, with a CAGR of +21.3%, recorded the highest growth rate of 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 industrial sewing machine export price stood at $X per unit in 2022, reducing by -15.4% against the previous year. Over the period under review, the export price continues to indicate a slight slump. The pace of growth appeared the most rapid in 2015 when the average export price increased by 56% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 Ghana ($X per unit), while the average price for exports to Cote d'Ivoire ($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 (+8.0%), while the prices for the other major destinations experienced mixed trend patterns.

Industrial Sewing Machine Imports

Imports into Nigeria

In 2022, approx. X units of industrial sewing machines were imported into Nigeria; jumping by 179% compared with the previous year. Overall, imports saw a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial sewing machine imports skyrocketed to $X in 2022. Over the period under review, imports saw prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X units), China (X units) and the United States (X units) were the main suppliers of industrial sewing machine imports to Nigeria, together comprising 80% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +104.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of industrial sewing machines to Nigeria, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with a 6.5% share of total imports. It was followed by Hong Kong SAR, with a 3.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+54.7% per year) and Hong Kong SAR (+11.8% per year).

Import Prices by Country

The average industrial sewing machine import price stood at $X per unit in 2022, shrinking by -22% against the previous year. Overall, the import price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2015 when the average import price increased by 29%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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