Nigeria: Pumps For Liquids Market 2024

Pumps For Liquids Market Size in Nigeria

The Nigerien pumps for liquids market soared to $X in 2022, increasing by 34% 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). In general, consumption continues to indicate buoyant growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Pumps For Liquids Exports

Exports from Nigeria

After two years of growth, shipments abroad of pumps for liquids decreased by -59.1% to X units in 2022. In general, exports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2013 when exports increased by 2,720%. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, pumps for liquids exports declined to $X in 2022. Overall, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 5,282%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Gabon (X units) was the main destination for pumps for liquids exports from Nigeria, accounting for a 35% share of total exports. Moreover, pumps for liquids exports to Gabon exceeded the volume sent to the second major destination, Benin (X units), twofold. The third position in this ranking was held by the United States (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Gabon totaled +38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+28.2% per year) and the United States (+23.1% per year).

In value terms, Gabon ($X) remains the key foreign market for pumps for liquids exports from Nigeria, comprising 35% of total exports. The second position in the ranking was taken by the United States ($X), with a 17% share of total exports. It was followed by Benin, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Gabon totaled +40.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+58.4% per year) and Benin (+73.0% per year).

Export Prices by Country

In 2022, the average pumps for liquids export price amounted to $X per unit, growing by 118% against the previous year. In general, the export price continues to indicate a strong increase. The pace of growth appeared the most rapid in 2018 an increase of 320% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average 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 Turkey ($X per unit), while the average price for exports to France ($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 Turkey (+56.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pumps For Liquids Imports

Imports into Nigeria

In 2022, pumps for liquids imports into Nigeria soared to X units, jumping by 34% on 2021 figures. Over the period under review, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2014 when imports increased by 219%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, pumps for liquids imports soared to $X in 2022. Overall, imports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of 134% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X units), Denmark (X units) and Italy (X units) were the main suppliers of pumps for liquids imports to Nigeria, with a combined 69% share of total imports. The United States, the United Arab Emirates, India, Turkey, Germany and Japan lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +74.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of pumps for liquids to Nigeria, comprising 72% of total imports. The second position in the ranking was taken by India ($X), with a 5.8% share of total imports. It was followed by Germany, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+30.0% per year) and Germany (+17.4% per year).

Import Prices by Country

The average pumps for liquids import price stood at $X per unit in 2022, shrinking by -4.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 50%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform