Nigeria: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien ball bearing parts market, when its value decreased by -45.6% to $X. Over the period under review, consumption, however, posted significant growth. As a result, consumption attained the peak level of $X, and then dropped sharply in the following year.

Ball Bearing Parts Exports

Exports from Nigeria

In 2021, overseas shipments of parts of ball or roller bearings increased by 9.8% to X tons, rising for the second consecutive year after three years of decline. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 421% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, ball bearing parts exports soared to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 205%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Kenya (X tons) was the main destination for ball bearing parts exports from Nigeria, with a 81% share of total exports. Moreover, ball bearing parts exports to Kenya exceeded the volume sent to the second major destination, Angola (X kg), more than tenfold. The third position in this ranking was taken by India (X kg), with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Kenya stood at +98.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+57.6% per year) and India (+70.8% per year).

In value terms, Kenya ($X) remains the key foreign market for parts of ball or roller bearings exports from Nigeria, comprising 64% of total exports. The second position in the ranking was held by India ($X), with an 11% share of total exports. It was followed by Angola, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Kenya stood at +111.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+61.4% per year) and Angola (+33.3% per year).

Export Prices by Country

The average ball bearing parts export price stood at $X per ton in 2021, surging by 25% against the previous year. Overall, the export price, however, showed a abrupt decline. The pace of growth was the most pronounced in 2019 when the average export price increased by 362%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, 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 India ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+6.3%), while the prices for the other major destinations experienced a decline.

Ball Bearing Parts Imports

Imports into Nigeria

In 2021, supplies from abroad of parts of ball or roller bearings decreased by -53.3% to X tons for the first time since 2017, thus ending a three-year rising trend. In general, imports, however, recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 223% against the previous year. As a result, imports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, ball bearing parts imports rose markedly to $X in 2021. Overall, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 196% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ball bearing parts to Nigeria, accounting for a 82% share of total imports. Moreover, ball bearing parts imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +47.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+45.3% per year) and the United States (+7.8% per year).

In value terms, China ($X) constituted the largest supplier of parts of ball or roller bearings to Nigeria, comprising 40% of total imports. The second position in the ranking was taken by the United States ($X), with a 10% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +37.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+15.6% per year) and India (+39.6% per year).

Import Prices by Country

The average ball bearing parts import price stood at $X per ton in 2021, surging by 139% against the previous year. In general, the import price, however, recorded a abrupt descent. The import price peaked at $X per ton in 2013; however, from 2014 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+7.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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