Musical Instrument Strings Price in Nigeria - 2022

Musical Instrument Strings Price in Nigeria (CIF) - 2022

The average musical instrument strings import price stood at $0.5 per unit in 2022, with a decrease of -37.7% against the previous year. Over the period under review, the import price recorded a deep setback. The growth pace was the most rapid in 2021 an increase of 149%. The import price peaked at $1.4 per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($1.2 per unit), while the price for India ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Musical Instrument Strings Price in Nigeria (FOB) - 2022

The average musical instrument strings export price stood at $1.5 per unit in 2022, with an increase of 38% against the previous year. In general, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, musical instrument strings export price increased by +51.0% against 2020 indices. The growth pace was the most rapid in 2018 when the average export price increased by 69%. The export price peaked in 2022 and is expected to retain growth in the near future.

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 Angola ($2.1 per unit), while the average price for exports to Ghana totaled $1 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+10.0%).

Musical Instrument Strings Imports in Nigeria

In 2022, approx. 17K units of musical instrument stringses were imported into Nigeria; with an increase of 94% compared with the previous year. In general, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 when imports increased by 2,202% against the previous year. As a result, imports reached the peak of 31K units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, musical instrument strings imports soared to $8.7K in 2022. Overall, imports showed significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 755% against the previous year. As a result, imports reached the peak of $10K. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Import of Musical Instrument Strings in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
South Africa	0.8	7.6	5.4	6.6	102.1%
China	0.1	0.1	0.4	0.6	81.7%
India	0.1	0.8	0.5	0.5	71.0%
Germany	0.1	1.0	0.6	0.5	71.0%
Turkey	N/A	0.4	N/A	N/A	0%
Others	N/A	0.3	0.3	0.4	15.5%
Total	1.2	10.2	7.2	8.7	93.5%

Top Suppliers of Musical Instrument Strings to Nigeria in 2022:

South Africa (9.4K units)
India (5.1K units)
China (1.7K units)
Germany (0.4K units)

Musical Instrument Strings Exports in Nigeria

In 2022, overseas shipments of musical instrument stringses increased by 43% to 87 units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a precipitous slump. Over the period under review, the exports attained the maximum at 264 units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, musical instrument strings exports skyrocketed to $134 in 2022. Overall, exports, however, recorded a precipitous curtailment. The exports peaked at $292 in 2019; however, from 2020 to 2022, the exports remained at a lower figure.