Price for Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria - 2023

Contents:

1. Price for Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria (CIF) - 2022
2. Price for Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria (FOB) - 2022
3. Imports of Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria
4. Exports of Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria

Price for Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria (CIF) - 2022

The average import price for cycles; parts thereof, wheel rims and spokeses stood at $891 per ton in 2022, with an increase of 50% against the previous year. In general, the import price posted a notable expansion. The pace of growth appeared the most rapid in 2014 when the average import price increased by 305%. Over the period under review, average import prices reached the peak figure at $4,909 per ton 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 the Netherlands ($2,139 per ton), while the price for India ($285 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+26.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria (FOB) - 2022

In 2022, the average export price for cycles; parts thereof, wheel rims and spokeses amounted to $561 per ton, surging by 33% against the previous year. Over the period under review, the export price, however, recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2014 when the average export price increased by 328% against the previous year. As a result, the export price reached the peak level of $4,683 per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($1,673 per ton), while the average price for exports to Democratic Republic of the Congo ($264 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+21.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria

For the third consecutive year, Nigeria recorded decline in overseas purchases of cycles; parts thereof, wheel rims and spokeses, which decreased by -32.1% to 744 tons in 2022. In general, imports showed a significant decrease.

In value terms, imports of cycles; parts thereof, wheel rims and spokeses rose to $662K in 2022. Over the period under review, imports recorded a dramatic decrease.

Top Suppliers of Cycles; Parts Thereof, Wheel Rims and Spokes to Nigeria in 2022:

1. China (676.8 tons)
2. Japan (17.9 tons)
3. Netherlands (11.7 tons)

Exports of Cycles; Parts Thereof, Wheel Rims and Spokes in Nigeria

For the fourth consecutive year, Nigeria recorded growth in overseas shipments of cycles; parts thereof, wheel rims and spokeses, which increased by 5.5% to 24 tons in 2022. Overall, exports saw a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 307%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, exports of cycles; parts thereof, wheel rims and spokeses soared to $14K in 2022. Over the period under review, total exports indicated a resilient expansion from 2019 to 2022: its value increased at an average annual rate of +14.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.1% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Top Export Markets for Cycles; Parts Thereof, Wheel Rims and Spokes from Nigeria in 2022:

1. Democratic Republic of the Congo (11.3 tons)
2. Benin (11.3 tons)
3. Niger (1.8 tons)

Source: IndexBox Market Intelligence Platform