Nigeria: Sawnwood (Coniferous) Market 2024

Sawnwood (Coniferous) Market Size in Nigeria

After six years of growth, the Nigerien sawnwood (coniferous) market decreased by -87.5% to $X in 2022. Overall, consumption, however, showed a pronounced expansion. Sawnwood (coniferous) consumption peaked at $X in 2021, and then shrank dramatically in the following year.

Sawnwood (Coniferous) Production in Nigeria

In value terms, sawnwood (coniferous) production soared to $X in 2022 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -11.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 42% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Sawnwood (Coniferous) Exports

Exports from Nigeria

In 2022, overseas shipments of sawnwood (coniferous) increased by 377% to X cubic meters, rising for the fifth year in a row after two years of decline. In general, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2014 with an increase of 2,628%. The exports peaked at X cubic meters in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, sawnwood (coniferous) exports soared to $X in 2022. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 716% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X cubic meters) was the main destination for sawnwood (coniferous) exports from Nigeria, accounting for a 90% share of total exports. Moreover, sawnwood (coniferous) exports to Vietnam exceeded the volume sent to the second major destination, India (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam amounted to +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+2.8% per year) and China (+70.7% per year).

In value terms, Vietnam ($X) remains the key foreign market for sawnwood (coniferous) exports from Nigeria, comprising 86% of total exports. The second position in the ranking was held by China ($X), with a 6.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Vietnam amounted to +29.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+143.8% per year) and India (+6.8% per year).

Export Prices by Country

The average sawnwood (coniferous) export price stood at $X per cubic meter in 2022, dropping by -26.5% against the previous year. Overall, the export price continues to indicate a noticeable shrinkage. The growth pace was the most rapid in 2015 when the average export price increased by 123% against the previous year. Over the period under review, the average export prices reached the maximum at $X per cubic meter in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per cubic meter), while the average price for exports to Vietnam ($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 (+42.9%), while the prices for the other major destinations experienced more modest paces of growth.

Sawnwood (Coniferous) Imports

Imports into Nigeria

In 2022, purchases abroad of sawnwood (coniferous) decreased by -99.1% to X cubic meters for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2020 with an increase of 12,531% against the previous year. Over the period under review, imports hit record highs at X cubic meters in 2021, and then declined markedly in the following year.

In value terms, sawnwood (coniferous) imports fell dramatically to $X in 2022. Overall, imports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 10,326%. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped significantly in the following year.

Imports by Country

Germany (X cubic meters), China (X cubic meters) and Austria (X cubic meters) were the main suppliers of sawnwood (coniferous) imports to Nigeria, together comprising 42% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +32.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of sawnwood (coniferous) to Nigeria, comprising 27% of total imports. The second position in the ranking was taken by China ($X), with a 10% share of total imports. It was followed by Austria, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value from Germany stood at +32.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.8% per year) and Austria (+47.5% per year).

Import Prices by Country

The average sawnwood (coniferous) import price stood at $X per cubic meter in 2022, growing by 23% against the previous year. Over the period under review, the import price saw strong growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per cubic meter), while the price for Tanzania ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+26.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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