Nigeria: Market for Non-Electronic Hydro-, Hygro-, Psychrometers 2024

Market Size for Non-Electronic Hydro-, Hygro-, Psychrometers in Nigeria

In 2021, the Nigerien non-electronic hydro- and hygrometers market increased by 3.3% to $X, rising for the second year in a row after two years of decline. Overall, consumption enjoyed a strong expansion. Non-electronic hydro- and hygrometers consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Exports of Non-Electronic Hydro-, Hygro-, Psychrometers

Exports from Nigeria

After two years of growth, shipments abroad of non-electronic hydro-, hygro-, psychrometers decreased by -92.1% to X units in 2021. Over the period under review, exports showed a sharp decrease. The growth pace was the most rapid in 2013 with an increase of 96%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, non-electronic hydro- and hygrometers exports dropped significantly to $X in 2021. Overall, exports saw a deep reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 164% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Belgium (X units) was the main destination for non-electronic hydro- and hygrometers exports from Nigeria, accounting for a 85% share of total exports. Moreover, non-electronic hydro- and hygrometers exports to Belgium exceeded the volume sent to the second major destination, Finland (X units), more than tenfold. Ghana (X units) ranked third in terms of total exports with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Belgium totaled -18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+4.6% per year) and Ghana (-32.0% per year).

In value terms, Cote d'Ivoire ($X), Belgium ($X) and the United States ($X) were the largest markets for non-electronic hydro- and hygrometers exported from Nigeria worldwide, with a combined 86% share of total exports. These countries were followed by Finland, the UK, Ghana and South Africa, which together accounted for a further 8.1%.

Among the main countries of destination, Finland, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average non-electronic hydro- and hygrometers export price amounted to $X per unit, growing by 2.1% against the previous year. Over the period under review, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when the average export price increased by 132%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to South Africa ($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 the UK (+39.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Electronic Hydro-, Hygro-, Psychrometers

Imports into Nigeria

In 2021, purchases abroad of non-electronic hydro-, hygro-, psychrometers increased by 2.6% to X units, rising for the second year in a row after two years of decline. In general, imports continue to indicate a prominent expansion. The growth pace was the most rapid in 2013 when imports increased by 358% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, non-electronic hydro- and hygrometers imports contracted significantly to $X in 2021. Overall, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 182% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, India (X units) constituted the largest non-electronic hydro- and hygrometers supplier to Nigeria, accounting for a 77% share of total imports. Moreover, non-electronic hydro- and hygrometers imports from India exceeded the figures recorded by the second-largest supplier, Croatia (X units), more than tenfold. The third position in this ranking was held by Taiwan (Chinese) (X units), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +67.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Croatia (0.0% per year) and Taiwan (Chinese) (+9.2% per year).

In value terms, India ($X) constituted the largest supplier of non-electronic hydro-, hygro-, psychrometers to Nigeria, comprising 48% of total imports. The second position in the ranking was taken by Italy ($X), with a 5% share of total imports. It was followed by Croatia, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value from India stood at +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-3.9% per year) and Croatia (0.0% per year).

Import Prices by Country

In 2021, the average non-electronic hydro- and hygrometers import price amounted to $X per unit, reducing by -28.9% against the previous year. In general, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2018 an increase of 35%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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