Nigeria: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Nigeria

In 2022, the Nigerien iron or steel leaf-spring market increased by 337% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption, however, saw a pronounced decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Nigeria

Iron or steel leaf-spring exports from Nigeria skyrocketed to X tons in 2022, increasing by 343% compared with the previous year. Over the period under review, exports, however, continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 4,044% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, iron or steel leaf-spring exports soared to $X in 2022. Overall, exports, however, recorded a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 1,615% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for iron or steel leaf-spring exports from Nigeria, accounting for a 74% share of total exports. Moreover, iron or steel leaf-spring exports to Niger exceeded the volume sent to the second major destination, Benin (X kg), ninefold. Cote d'Ivoire (X kg) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger totaled +311.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-18.5% per year) and Cote d'Ivoire (+39.2% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from Nigeria, comprising 45% of total exports. The second position in the ranking was held by Niger ($X), with an 18% share of total exports. It was followed by Benin, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire stood at +14.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+586.4% per year) and Benin (-27.1% per year).

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, picking up by 16% against the previous year. In general, the export price, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 425%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Burundi ($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 Niger (+66.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Nigeria

In 2022, overseas purchases of iron or steel leaf-springs and leaves increased by 375% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports enjoyed a mild expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron or steel leaf-spring imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a deep contraction. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Antigua and Barbuda (X tons), India (X tons) and China (X tons) were the main suppliers of iron or steel leaf-spring imports to Nigeria, together comprising 85% of total imports. Morocco, Ghana, Singapore, Turkey and the United States lagged somewhat behind, together accounting for a further 8.7%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Morocco (with a CAGR of +12.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Antigua and Barbuda ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Nigeria, comprising 42% of total imports. The second position in the ranking was taken by India ($X), with a 20% share of total imports. It was followed by China, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Antigua and Barbuda amounted to -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+4.3% per year) and China (-3.2% per year).

Import Prices by Country

The average iron or steel leaf-spring import price stood at $X per ton in 2022, waning by -19.2% against the previous year. Overall, the import price saw a abrupt shrinkage. The growth pace was the most rapid in 2014 an increase of 47% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 the United States ($X per ton), while the price for Morocco ($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 (+11.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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