Bicycle Tire Price in Nigeria - 2022
Contents:
- Bicycle Tire Price in Nigeria (CIF) - 2022
- Bicycle Tire Price in Nigeria (FOB) - 2022
- Bicycle Tire Imports in Nigeria
- Bicycle Tire Exports in Nigeria
Bicycle Tire Price in Nigeria (CIF) - 2022
In 2022, the average bicycle tire import price amounted to $7.6 per unit, increasing by 14% against the previous year. Over the period under review, the import price recorded buoyant growth. The pace of growth was the most pronounced in 2016 when the average import price increased by 80%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($7.6 per unit) and the United States ($7.6 per unit), while the price for the UK ($7.6 per unit) and China ($7.6 per unit) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Bicycle Tire Price in Nigeria (FOB) - 2022
The average bicycle tire export price stood at $6.1 per unit in 2022, growing by 3.9% against the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bicycle tire export price decreased by -2.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of 18% against the previous year. Over the period under review, the average export prices attained the maximum at $6.3 per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.
Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sao Tome and Principe ($6.1 per unit) and Benin ($6.1 per unit), while the average price for exports to Tanzania ($6.1 per unit) and Niger ($6.1 per unit) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.
Bicycle Tire Imports in Nigeria
In 2022, purchases abroad of new pneumatic tyres for bicycles was finally on the rise to reach 391K units for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, continue to indicate a deep contraction. Imports peaked at 682K units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
In value terms, bicycle tire imports soared to $3M in 2022. Overall, imports, however, saw a abrupt setback. Over the period under review, imports hit record highs at $4M in 2019; however, from 2020 to 2022, imports remained at a lower figure.
| Import of Bicycle Tire in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3,477 | 2,871 | 1,444 | 1,778 | -20.0% |
| India | 277 | 321 | 111 | 345 | 7.6% |
| United States | 59.3 | 76.5 | 68.3 | 216 | 53.9% |
| Indonesia | 135 | 363 | 272 | 198 | 13.6% |
| Kenya | N/A | N/A | 0.1 | 144 | 143900.0% |
| South Korea | 3.4 | N/A | 56.8 | 90.5 | 198.6% |
| United Kingdom | 1.5 | 6.3 | 38.3 | 62.8 | 247.2% |
| Others | 41.6 | 194 | 166 | 135 | 48.1% |
| Total | 3,994 | 3,832 | 2,156 | 2,968 | -9.4% |
Top Suppliers of Bicycle Tire to Nigeria in 2022:
- China (234.3K units)
- India (45.5K units)
- United States (28.4K units)
- Indonesia (26.0K units)
- Kenya (19.0K units)
- South Korea (11.9K units)
- United Kingdom (8.3K units)
Bicycle Tire Exports in Nigeria
In 2022, the amount of new pneumatic tyres for bicycles exported from Nigeria amounted to 29K units, surging by 13% compared with the previous year's figure. Overall, total exports indicated strong growth from 2019 to 2022: its volume increased at an average annual rate of +15.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 54% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.
In value terms, bicycle tire exports surged to $179K in 2022. Over the period under review, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +16.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -2.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 61% against the previous year. As a result, the exports attained the peak of $183K. From 2021 to 2022, the growth of the exports failed to regain momentum.
| Export of Bicycle Tire in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Sao Tome and Principe | 28.2 | N/A | N/A | 103 | 54.0% |
| Benin | 0.8 | N/A | 0.6 | 50.8 | 299.0% |
| Niger | 21.5 | 0.2 | 0.2 | 21.6 | 0.2% |
| Tanzania | N/A | N/A | N/A | 4.1 | 0% |
| Cameroon | 51.3 | 183 | 152 | N/A | 72.1% |
| Mali | 11.9 | N/A | N/A | N/A | 0% |
| Others | N/A | 0.3 | N/A | N/A | 0% |
| Total | 114 | 183 | 152 | 179 | 16.2% |
Top Export Markets for Bicycle Tire from Nigeria in 2022:
- Sao Tome and Principe (16.9K units)
- Benin (8.4K units)
- Niger (3.5K units)
- Tanzania (0.7K units)
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