Nigeria: Market for Non-Numerically Controlled Sharpening Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Sharpening Machines For Working Metal in Nigeria

After two years of growth, the Nigerien non-numerically controlled sharpening machine market decreased by -34.1% to $X in 2022. In general, consumption, however, enjoyed a significant expansion. Non-numerically controlled sharpening machine consumption peaked at $X in 2021, and then declined rapidly in the following year.

Exports of Non-Numerically Controlled Sharpening Machines For Working Metal

Exports from Nigeria

In 2022, overseas shipments of non-numerically controlled sharpening machines for working metal increased by 67% to X units, rising for the fourth consecutive year after two years of decline. Over the period under review, exports, however, continue to indicate a dramatic slump. The pace of growth was the most pronounced in 2016 with an increase of 267%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-numerically controlled sharpening machine exports expanded modestly to $X in 2022. In general, exports, however, recorded a sharp contraction. The pace of growth was the most pronounced in 2016 with an increase of 395% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X units), Benin (X units) and South Africa (X units) were the main destinations of non-numerically controlled sharpening machine exports from Nigeria.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for non-numerically controlled sharpening machine exported from Nigeria were Ghana ($X), Benin ($X) and South Africa ($X).

Benin, with a CAGR of -23.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average non-numerically controlled sharpening machine export price stood at $X per unit in 2022, waning by -38.7% against the previous year. Overall, the export price saw a abrupt decrease. The growth pace was the most rapid in 2017 when the average export price increased by 560% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to South Africa ($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 (-11.8%), while the prices for the other major destinations experienced a decline.

Imports of Non-Numerically Controlled Sharpening Machines For Working Metal

Imports into Nigeria

In 2022, after two years of growth, there was significant decline in supplies from abroad of non-numerically controlled sharpening machines for working metal, when their volume decreased by -31.9% to X units. Overall, imports, however, saw a significant increase. The growth pace was the most rapid in 2014 when imports increased by 1,143% against the previous year. Imports peaked at X units in 2021, and then reduced rapidly in the following year.

In value terms, non-numerically controlled sharpening machine imports fell remarkably to $X in 2022. Over the period under review, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 671%. Over the period under review, imports attained the maximum at $X in 2021, and then dropped dramatically in the following year.

Imports by Country

Brazil (X units), China (X units) and South Korea (X units) were the main suppliers of non-numerically controlled sharpening machine imports to Nigeria, together accounting for 80% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +112.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of non-numerically controlled sharpening machines for working metal to Nigeria, comprising 78% of total imports. The second position in the ranking was taken by Brazil ($X), with a 12% share of total imports. It was followed by Spain, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +75.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+20.2% per year) and Spain (+10.2% per year).

Import Prices by Country

The average non-numerically controlled sharpening machine import price stood at $X per unit in 2022, with a decrease of -37.5% against the previous year. In general, the import price showed a deep reduction. The most prominent rate of growth was recorded in 2019 when the average import price increased by 62%. The import price peaked at $X per unit in 2013; however, from 2014 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 China ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+42.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :