Nigeria: Metal Domestic Furniture Market 2024

Metal Domestic Furniture Market Size in Nigeria

The Nigerien metal domestic furniture market totaled $X in 2022, rising by X% 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). Over the period under review, consumption recorded a strong expansion. Metal domestic furniture consumption peaked in 2022 and is expected to retain growth in the immediate term.

Metal Domestic Furniture Exports

Exports from Nigeria

In 2022, approx. X tons of metal furniture were exported from Nigeria; picking up by X% against the previous year. Over the period under review, exports saw a strong expansion. The pace of growth was the most pronounced in 2019 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, metal domestic furniture exports skyrocketed to $X in 2022. In general, exports continue to indicate tangible growth. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for metal domestic furniture exports from Nigeria, with a X% share of total exports. Moreover, metal domestic furniture exports to Benin exceeded the volume sent to the second major destination, Niger (X tons), fivefold. The third position in this ranking was taken by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (X% per year) and the United States (X% per year).

In value terms, Benin ($X) remains the key foreign market for metal furniture exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by Niger, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Niger (X% per year).

Export Prices by Country

In 2022, the average metal domestic furniture export price amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 the United States ($X per ton), while the average price for exports to Niger ($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 Thailand (X%), while the prices for the other major destinations experienced mixed trend patterns.

Metal Domestic Furniture Imports

Imports into Nigeria

Metal domestic furniture imports into Nigeria expanded slightly to X tons in 2022, with an increase of X% compared with 2021. Overall, imports showed a prominent increase. The pace of growth appeared the most rapid in 2018 when imports increased by X%. Imports peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, metal domestic furniture imports reached $X in 2022. Over the period under review, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal domestic furniture to Nigeria, with a X% share of total imports. Moreover, metal domestic furniture imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fivefold. Turkey (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Turkey (X% per year).

In value terms, the largest metal domestic furniture suppliers to Nigeria were China ($X), Germany ($X) and the United States ($X), with a combined X% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average metal domestic furniture import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2014 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained 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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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