Nigeria: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Nigeria

In 2021, the Nigerien unvulcanised rubber market increased by 3.2% to $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption enjoyed a prominent expansion. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Unvulcanised Rubber Production in Nigeria

In value terms, unvulcanised rubber production stood at $X in 2021 estimated in export price. In general, production posted a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 58%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Unvulcanised Rubber Exports

Exports from Nigeria

For the eighth year in a row, Nigeria recorded growth in shipments abroad of unvulcanised rubber, which increased by 5.2% to X tons in 2021. In general, total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +167.7% against 2013 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 87% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, unvulcanised rubber exports rose sharply to $X in 2021. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 14% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Benin (X tons) was the main destination for unvulcanised rubber exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin stood at +235.0%.

In value terms, Benin ($X) also remains the key foreign market for unvulcanised rubber exports from Nigeria.

From 2012 to 2021, the average annual growth rate of value to Benin totaled +264.4%.

Export Prices by Country

In 2021, the average unvulcanised rubber export price amounted to $X per ton, increasing by 8.4% against the previous year. Overall, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +8.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unvulcanised rubber export price increased by +7.2% against 2013 indices. The growth pace was the most rapid in 2013 an increase of 93%. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Benin.

From 2012 to 2021, the rate of growth in terms of prices for Benin amounted to +8.9% per year.

Unvulcanised Rubber Imports

Imports into Nigeria

In 2021, the amount of unvulcanised rubber imported into Nigeria shrank remarkably to X tons, dropping by -43.3% compared with 2020. In general, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 798%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, unvulcanised rubber imports reduced remarkably to $X in 2021. Over the period under review, imports faced a deep reduction. The most prominent rate of growth was recorded in 2015 when imports increased by 656% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

South Korea (X tons), Turkey (X tons) and China (X tons) were the main suppliers of unvulcanised rubber imports to Nigeria, with a combined 96% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +41.2%), while imports for the other leaders experienced a decline.

In value terms, South Korea ($X) constituted the largest supplier of unvulcanised rubber to Nigeria, comprising 53% of total imports. The second position in the ranking was taken by China ($X), with an 18% share of total imports. It was followed by Italy, with a 9.7% share.

From 2012 to 2021, the average annual growth rate of value from South Korea stood at -8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.5% per year) and Italy (-12.0% per year).

Import Prices by Country

In 2021, the average unvulcanised rubber import price amounted to $X per ton, growing by 25% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 28% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+47.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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