Nigeria: Gouges And Chisels Market 2024

Gouges And Chisels Market Size in Nigeria

The Nigerien gouges and chisels market surged to $X in 2022, growing by 157% 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, however, saw a deep downturn. Gouges and chisels consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Gouges And Chisels Exports

Exports from Nigeria

In 2022, overseas shipments of planes, chisels and gouges for working wood increased by 4% to X kg, rising for the second year in a row after three years of decline. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 335%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, gouges and chisels exports fell notably to $X in 2022. In general, exports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2021 when exports increased by 620%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X kg) was the main destination for gouges and chisels exports from Nigeria, with a 76% share of total exports. Moreover, gouges and chisels exports to Ghana exceeded the volume sent to the second major destination, Benin (X kg), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+0.9% per year) and India (-0.9% per year).

In value terms, Ghana ($X) remains the key foreign market for planes, chisels and gouges for working wood exports from Nigeria, comprising 60% of total exports. The second position in the ranking was taken by Benin ($X), with an 8.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana totaled -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+4.0% per year) and India (-0.8% per year).

Export Prices by Country

The average gouges and chisels export price stood at $X per ton in 2022, reducing by -45.2% against the previous year. Over the period under review, the export price recorded a perceptible downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 101% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then dropped remarkably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Benin ($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 Cameroon (+26.5%), while the prices for the other major destinations experienced more modest paces of growth.

Gouges And Chisels Imports

Imports into Nigeria

Gouges and chisels imports into Nigeria surged to X tons in 2022, growing by 147% on the year before. Over the period under review, imports, however, continue to indicate a deep downturn. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, gouges and chisels imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a abrupt slump. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest gouges and chisels supplier to Nigeria, with a 73% share of total imports. Moreover, gouges and chisels imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), ninefold. The third position in this ranking was held by India (X tons), with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+56.5% per year) and India (-11.5% per year).

In value terms, China ($X) constituted the largest supplier of planes, chisels and gouges for working wood to Nigeria, comprising 52% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total imports. It was followed by the UK, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China stood at -16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+17.9% per year) and the UK (+37.1% per year).

Import Prices by Country

The average gouges and chisels import price stood at $X per ton in 2022, growing by 8.5% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced downturn. The growth pace was the most rapid in 2014 an increase of 50%. The import price peaked at $X per ton in 2015; however, from 2016 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 Hong Kong SAR ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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