Nigeria: Water-Skis And Surfboards Market 2024

Water-Skis And Surfboards Market Size in Nigeria

The Nigerien water-skis and surfboards market surged to $X in 2022, rising by 138% 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). Overall, consumption saw a significant increase. Water-skis and surfboards consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Water-Skis And Surfboards Exports

Exports from Nigeria

In 2022, overseas shipments of water-skis, surfboards and sailboards increased by 111% to X units for the first time since 2012, thus ending a nine-year declining trend. Overall, exports, however, recorded a sharp curtailment. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, water-skis and surfboards exports soared to $X in 2022. In general, exports, however, continue to indicate a dramatic contraction. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana (X units) was the main destination for water-skis and surfboards exports from Nigeria, with a 91% share of total exports. Moreover, water-skis and surfboards exports to Ghana exceeded the volume sent to the second major destination, the United States (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana amounted to +7.7%.

In value terms, Ghana ($X) remains the key foreign market for water-skis, surfboards and sailboards exports from Nigeria, comprising 85% of total exports. The second position in the ranking was held by the United States ($X), with a 4.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana stood at +29.5%.

Export Prices by Country

In 2022, the average water-skis and surfboards export price amounted to $X per unit, increasing by 19% against the previous year. Over the period under review, the export price recorded resilient growth. The pace of growth appeared the most rapid in 2017 when the average export price increased by 111%. As a result, the export price reached the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to the United States amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+20.3%), while the prices for the other major destinations experienced more modest paces of growth.

Water-Skis And Surfboards Imports

Imports into Nigeria

Water-skis and surfboards imports into Nigeria skyrocketed to X units in 2022, with an increase of 139% compared with the previous year. Overall, imports recorded a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 439% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, water-skis and surfboards imports dropped rapidly to $X in 2022. Over the period under review, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 486% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest water-skis and surfboards supplier to Nigeria, accounting for a 4.3% share of total imports. Moreover, water-skis and surfboards imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X units), fivefold. The third position in this ranking was held by India (X units), with a 0.7% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +27.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+62.2% per year) and India (+58.9% per year).

In value terms, India ($X), China ($X) and the Netherlands ($X) were the largest water-skis and surfboards suppliers to Nigeria, together comprising 82% of total imports.

India, with a CAGR of +60.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average water-skis and surfboards import price amounted to $X per unit, with a decrease of -72.9% against the previous year. Overall, the import price continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2014 an increase of 911%. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per unit), while the price for Switzerland (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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