Nigeria: Market for Machines For Preparing, Weaving And Knitting Textiles 2024

Market Size for Machines For Preparing, Weaving And Knitting Textiles in Nigeria

The Nigerien market for machines for preparing, weaving and knitting textiles soared to $X in 2021, growing by 29% 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 continues to indicate significant growth. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Exports of Machines For Preparing, Weaving And Knitting Textiles

Exports from Nigeria

In 2021, textile weaving and knitting machinery exports from Nigeria rose rapidly to X units, growing by 8.6% compared with the year before. Over the period under review, exports, however, continue to indicate a significant contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 46% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, textile weaving and knitting machinery exports contracted to $X in 2021. In general, exports, however, faced a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 37%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X units), the United States (X units) and Ghana (X units) were the main destinations of textile weaving and knitting machinery exports from Nigeria, together comprising 95% of total exports. These countries were followed by Cote d'Ivoire and Benin, which together accounted for a further 5.3%.

From 2012 to 2021, the biggest increases were recorded for Benin (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, India ($X) remains the key foreign market for machines for preparing, weaving and knitting textiles exports from Nigeria, comprising 80% of total exports. The second position in the ranking was taken by Ghana ($X), with a 12% share of total exports. It was followed by the United States, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value to India totaled -17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-18.7% per year) and the United States (+47.7% per year).

Export Prices by Country

The average export price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, falling by -15.2% against the previous year. Overall, the export price, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2015 when the average export price increased by 67% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2020, and then dropped rapidly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Benin ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+25.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Preparing, Weaving And Knitting Textiles

Imports into Nigeria

In 2021, approx. X units of machines for preparing, weaving and knitting textiles were imported into Nigeria; with an increase of 31% compared with the previous year's figure. Overall, imports enjoyed significant growth. The pace of growth was the most pronounced in 2018 with an increase of 760%. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, textile weaving and knitting machinery imports reduced to $X in 2021. Over the period under review, imports recorded a perceptible expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 168%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest textile weaving and knitting machinery supplier to Nigeria, accounting for a 59% share of total imports. Moreover, textile weaving and knitting machinery imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The third position in this ranking was held by the United States (X units), with a 9.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +29.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+15.5% per year) and the United States (+54.8% per year).

In value terms, China ($X) constituted the largest supplier of machines for preparing, weaving and knitting textiles to Nigeria, comprising 57% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by the United States, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.8% per year) and the United States (+31.6% per year).

Import Prices by Country

In 2021, the average import price for machines for preparing, weaving and knitting textiles amounted to $X per unit, waning by -34.2% against the previous year. In general, the import price saw a abrupt contraction. The pace of growth was the most pronounced in 2014 an increase of 341% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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