Nigeria: Market for Parts Of Harvester And Threshers 2024

Market Size for Parts Of Harvester And Threshers in Nigeria

In 2021, after two years of decline, there was significant growth in the Nigerien market for parts of harvester and threshers, when its value increased by 66% to $X. In general, consumption, however, saw a deep reduction. Parts of harvester and threshers consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Parts Of Harvester And Threshers

Exports from Nigeria

In 2021, after three years of growth, there was significant decline in overseas shipments of parts of harvester and threshers, when their volume decreased by -84% to X units. Over the period under review, exports, however, showed a prominent expansion. The growth pace was the most rapid in 2013 with an increase of 736% against the previous year. The exports peaked at X units in 2020, and then reduced remarkably in the following year.

In value terms, parts of harvester and threshers exports shrank remarkably to $X in 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 1,148% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The Netherlands (X units) was the main destination for parts of harvester and threshers exports from Nigeria, with a 64% share of total exports. Moreover, parts of harvester and threshers exports to the Netherlands exceeded the volume sent to the second major destination, Cote d'Ivoire (X units), threefold. New Zealand (X units) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands amounted to +46.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+33.6% per year) and New Zealand (-28.6% per year).

In value terms, Cote d'Ivoire ($X), the Netherlands ($X) and New Zealand ($X) appeared to be the largest markets for parts of harvester and threshers exported from Nigeria worldwide, together accounting for 94% of total exports.

The Netherlands, with a CAGR of +48.6%, saw 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 more modest paces of growth.

Export Prices by Country

In 2021, the average export price for parts of harvester and threshers amounted to $X per unit, dropping by -35.9% against the previous year. In general, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2017 when the average export price increased by 129% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while the average price for exports to Canada ($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 Canada (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Parts Of Harvester And Threshers

Imports into Nigeria

In 2021, overseas purchases of parts of harvester and threshers were finally on the rise to reach X units after two years of decline. Overall, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 129%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, parts of harvester and threshers imports surged to $X in 2021. Over the period under review, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 136%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest parts of harvester and threshers supplier to Nigeria, with a 70% share of total imports. Moreover, parts of harvester and threshers imports from China exceeded the figures recorded by the second-largest supplier, Spain (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+17.7% per year) and Italy (+43.0% per year).

In value terms, China ($X) constituted the largest supplier of parts of harvester and threshers to Nigeria, comprising 49% of total imports. The second position in the ranking was held by Spain ($X), with a 9.5% share of total imports. It was followed by the Netherlands, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+19.5% per year) and the Netherlands (+48.2% per year).

Import Prices by Country

The average import price for parts of harvester and threshers stood at $X per unit in 2021, shrinking by -31.6% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 77% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform