Price for Watch Movements; Complete and Assembled in Nigeria - 2022
Contents:
- Price for Watch Movements; Complete and Assembled in Nigeria (CIF) - 2022
- Price for Watch Movements; Complete and Assembled in Nigeria (FOB) - 2022
- Imports of Watch Movements; Complete and Assembled in Nigeria
- Exports of Watch Movements; Complete and Assembled in Nigeria
Price for Watch Movements; Complete and Assembled in Nigeria (CIF) - 2022
In 2022, the average import price for watch movements; complete and assembleds amounted to $11 per unit, waning by -10.9% against the previous year. Overall, the import price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 an increase of 63% against the previous year. As a result, import price attained the peak level of $12 per unit, and then shrank in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($41 per unit), while the price for the United States ($6.7 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Watch Movements; Complete and Assembled in Nigeria (FOB) - 2022
The average export price for watch movements; complete and assembleds stood at $4.8 per unit in 2022, picking up by 50% against the previous year. In general, the export price, however, faced a abrupt downturn. The export price peaked at $19 per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($6 per unit), while the average price for exports to Niger stood at $4.7 per unit.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+4.5%).
Imports of Watch Movements; Complete and Assembled in Nigeria
Watch movements; complete and assembled imports into Nigeria surged to 82K units in 2022, jumping by 575% against the previous year's figure. Overall, imports recorded significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, watch movements; complete and assembled imports soared to $887K in 2022. In general, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Watch Movements; Complete and Assembled in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 37.8 | 140 | 31.8 | 336 | 107.1% |
| United Kingdom | 57.8 | 24.0 | 36.7 | 186 | 47.6% |
| South Korea | 9.6 | 10.8 | 11.8 | 53.4 | 77.2% |
| Netherlands | 16.6 | 13.3 | 0.6 | 48.8 | 43.3% |
| Germany | 21.5 | 6.7 | 2.5 | 48.8 | 31.4% |
| Italy | 10.0 | 7.5 | 3.2 | 32.8 | 48.6% |
| United Arab Emirates | 9.7 | 0.4 | 6.2 | 28.2 | 42.7% |
| South Africa | 5.1 | 3.4 | 2.0 | 16.5 | 47.9% |
| Canada | 6.8 | 0.3 | 2.6 | 15.2 | 30.8% |
| China | 33.1 | 13.9 | 3.1 | 10.9 | -30.9% |
| Others | 38.4 | 19.9 | 47.0 | 111 | 42.5% |
| Total | 247 | 240 | 147 | 887 | 53.1% |
Top Suppliers of Watch Movements; Complete and Assembled to Nigeria in 2022:
- United States (49.9K units)
- United Kingdom (4.5K units)
- South Korea (4.3K units)
- Netherlands (4.2K units)
- Germany (4.0K units)
- Italy (2.7K units)
- United Arab Emirates (2.4K units)
- Canada (1.4K units)
- South Africa (1.3K units)
- China (0.9K units)
Exports of Watch Movements; Complete and Assembled in Nigeria
In 2022, exports of watch movements; complete and assembleds from Nigeria dropped sharply to 58 units, with a decrease of -25.6% compared with the previous year. Overall, exports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 2.6%. Over the period under review, the exports hit record highs at 98 units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.
In value terms, watch movements; complete and assembled exports amounted to $276 in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2019 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 14%. As a result, the exports reached the peak of $304. From 2021 to 2022, the growth of the exports remained at a lower figure.
| Export of Watch Movements; Complete and Assembled in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Niger | 266 | 142 | 129 | 252 | -1.8% |
| Ireland | N/A | N/A | N/A | 12.0 | 0% |
| Zimbabwe | N/A | N/A | 87.0 | N/A | 0% |
| Others | N/A | 162 | 32.0 | 12.0 | -72.8% |
| Total | 266 | 304 | 248 | 276 | 1.2% |
Top Export Markets for Watch Movements; Complete and Assembled from Nigeria in 2022:
- Niger (54.0 units)
- Ireland (2.0 units)
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