Nigeria: Market for Saw Logs And Veneer Logs (Non-Coniferous) 2024

Market Size for Saw Logs And Veneer Logs (Non-Coniferous) in Nigeria

The Nigerien market for saw logs and veneer logs (non-coniferous) declined slightly to $X in 2022, remaining relatively unchanged against the previous year. In general, consumption, however, recorded a pronounced downturn. The growth pace was the most rapid in 2018 when the market value increased by 5.9% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Saw Logs And Veneer Logs (Non-Coniferous) in Nigeria

In value terms, production of saw logs and veneer logs (non-coniferous) reduced to $X in 2022 estimated in export price. Overall, production showed a deep setback. The growth pace was the most rapid in 2021 when the production volume increased by 17%. Production of peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Saw Logs And Veneer Logs (Non-Coniferous)

Exports from Nigeria

In 2022, the amount of saw logs and veneer logs (non-coniferous) exported from Nigeria shrank significantly to X cubic meters, dropping by -39% compared with the year before. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 636%. Over the period under review, the exports of reached the peak figure at X cubic meters in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, exports of saw logs and veneer logs (non-coniferous) reduced rapidly to $X in 2022. Overall, exports, however, saw a strong expansion. The growth pace was the most rapid in 2014 with an increase of 599% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X cubic meters) was the main destination for exports of saw logs and veneer logs (non-coniferous) from Nigeria, accounting for a 40% share of total exports. Moreover, exports of saw logs and veneer logs (non-coniferous) to Vietnam exceeded the volume sent to the second major destination, China (X cubic meters), fivefold. The third position in this ranking was taken by India (X cubic meters), with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+9.9% per year) and India (-13.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for saw logs and veneer logs (non-coniferous) exports from Nigeria, comprising 34% of total exports. The second position in the ranking was held by China ($X), with a 9.5% share of total exports. It was followed by India, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam amounted to +21.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+10.1% per year) and India (-16.7% per year).

Export Prices by Country

In 2022, the average export price for saw logs and veneer logs (non-coniferous) amounted to $X per cubic meter, picking up by 13% against the previous year. Over the period under review, the export price, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2021 when the average export price increased by 18%. The export price peaked at $X per cubic meter in 2012; however, from 2013 to 2022, 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 ($X per cubic meter), while the average price for exports to Vietnam ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+0.1%), while the prices for the other major destinations experienced a decline.

Imports of Saw Logs And Veneer Logs (Non-Coniferous)

Imports into Nigeria

In 2022, the amount of saw logs and veneer logs (non-coniferous) imported into Nigeria shrank to X cubic meters, waning by -12.8% on 2021. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 367%. Over the period under review, imports of reached the maximum at X cubic meters in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, imports of saw logs and veneer logs (non-coniferous) contracted to $X in 2022. Over the period under review, imports, however, posted a significant increase. The growth pace was the most rapid in 2014 when imports increased by 758% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X cubic meters) constituted the largest supplier of saw logs and veneer logs (non-coniferous) to Nigeria, with a 70% share of total imports. Moreover, imports of saw logs and veneer logs (non-coniferous) from the United States exceeded the figures recorded by the second-largest supplier, China (X cubic meters), twofold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +27.9%.

In value terms, the United States ($X) constituted the largest supplier of saw logs and veneer logs (non-coniferous) to Nigeria, comprising 66% of total imports. The second position in the ranking was taken by China ($X), with a 30% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +48.3%.

Import Prices by Country

The average import price for saw logs and veneer logs (non-coniferous) stood at $X per cubic meter in 2022, almost unchanged from the previous year. Over the period under review, the import price showed a resilient increase. The most prominent rate of growth was recorded in 2014 an increase of 84%. Over the period under review, average import prices reached the maximum at $X per cubic meter in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per cubic meter), while the price for the United States totaled $X per cubic meter.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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