Nigeria: Vulcanised Rubber Thread Market 2024

Vulcanised Rubber Thread Market Size in Nigeria

The Nigerien vulcanised rubber thread market surged to $X in 2021, rising by 16% 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 continues to indicate significant growth. Vulcanised rubber thread consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Vulcanised Rubber Thread Exports

Exports from Nigeria

Vulcanised rubber thread exports from Nigeria contracted modestly to X kg in 2021, shrinking by -2.9% on the year before. Over the period under review, exports saw a precipitous descent. The most prominent rate of growth was recorded in 2013 with an increase of 209%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, vulcanised rubber thread exports reduced slightly to $X in 2021. In general, exports faced a dramatic setback. The pace of growth appeared the most rapid in 2017 when exports increased by 44%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Burkina Faso (X kg) was the main destination for vulcanised rubber thread exports from Nigeria, with a 97% share of total exports. It was followed by Benin (X kg), with a 2.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Burkina Faso was relatively modest.

In value terms, Burkina Faso ($X) emerged as the key foreign market for vulcanised rubber thread and cord exports from Nigeria, comprising 98% of total exports. The second position in the ranking was held by Benin ($X), with a 2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Burkina Faso was relatively modest.

Export Prices by Country

In 2021, the average vulcanised rubber thread export price amounted to $X per ton, remaining constant against the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 an increase of 103%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then fell slightly in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while the average price for exports to Benin stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+29.6%), while the prices for the other major destinations experienced mixed trend patterns.

Vulcanised Rubber Thread Imports

Imports into Nigeria

In 2021, approx. X tons of vulcanised rubber thread and cord were imported into Nigeria; rising by 22% against 2020 figures. Over the period under review, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 413% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, vulcanised rubber thread imports reached $X in 2021. In general, imports showed a significant increase. The growth pace was the most rapid in 2013 when imports increased by 471%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest vulcanised rubber thread supplier to Nigeria, accounting for a 87% share of total imports. Moreover, vulcanised rubber thread imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), sevenfold. The third position in this ranking was held by Italy (X tons), with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +65.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+64.4% per year) and Italy (+1.9% per year).

In value terms, China ($X) constituted the largest supplier of vulcanised rubber thread and cord to Nigeria, comprising 83% of total imports. The second position in the ranking was held by the UK ($X), with a 15% share of total imports. It was followed by Italy, with a 1.2% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +74.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+81.1% per year) and Italy (+34.1% per year).

Import Prices by Country

The average vulcanised rubber thread import price stood at $X per ton in 2021, with a decrease of -6.4% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 34% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+31.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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