Price for Hand-Operated Spanners and Wrenches in Nigeria - 2022
Contents:
- Price for Hand-Operated Spanners and Wrenches in Nigeria (CIF) - 2022
- Price for Hand-Operated Spanners and Wrenches in Nigeria (FOB) - 2022
- Imports of Hand-Operated Spanners and Wrenches in Nigeria
- Exports of Hand-Operated Spanners and Wrenches in Nigeria
Price for Hand-Operated Spanners and Wrenches in Nigeria (CIF) - 2022
In 2022, the average hand-operated spanners and wrenches import price amounted to $6,354 per ton, with a decrease of -25.6% against the previous year. Over the period under review, the import price, however, showed strong growth. The most prominent rate of growth was recorded in 2015 an increase of 55%. The import price peaked at $8,546 per ton in 2021, and then declined dramatically in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($13,884 per ton), while the price for Barbados ($909 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Hand-Operated Spanners and Wrenches in Nigeria (FOB) - 2022
The average hand-operated spanners and wrenches export price stood at $28,562 per ton in 2022, with a decrease of -6.8% against the previous year. Over the period under review, the export price, however, saw resilient growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 252%. As a result, the export price reached the peak level of $35,634 per ton. From 2016 to 2022, the average export prices failed to regain momentum.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($421,782 per ton), while the average price for exports to Senegal ($2,246 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 the Netherlands (+42.7%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Hand-Operated Spanners and Wrenches in Nigeria
In 2022, after two years of decline, there was significant growth in overseas purchases of hand-operated spanners and wrencheses, when their volume increased by 623% to 1.3K tons. Overall, imports enjoyed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, hand-operated spanners and wrenches imports skyrocketed to $8.3M in 2022. In general, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Hand-Operated Spanners and Wrenches in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 346 | 381 | 324 | 1,612 | 67.0% |
| China | 760 | 172 | 239 | 1,531 | 26.3% |
| United States | 435 | 629 | 106 | 1,496 | 50.9% |
| Germany | 333 | 278 | 175 | 1,045 | 46.4% |
| Italy | 59.4 | 154 | 29.5 | 316 | 74.6% |
| Belgium | 149 | 53.5 | 33.5 | 303 | 26.7% |
| United Arab Emirates | 101 | 57.4 | 13.8 | 156 | 15.6% |
| Netherlands | 56.3 | 15.9 | 12.9 | 109 | 24.6% |
| Barbados | 14.5 | 12.8 | 9.0 | 41.2 | 41.6% |
| Others | 568 | 539 | 602 | 1,703 | 44.2% |
| Total | 2,822 | 2,293 | 1,545 | 8,312 | 43.3% |
Top Suppliers of Hand-Operated Spanners and Wrenches to Nigeria in 2022:
- China (344.4 tons)
- India (297.8 tons)
- Germany (236.2 tons)
- United States (107.7 tons)
- Belgium (60.4 tons)
- Italy (46.8 tons)
- Barbados (45.3 tons)
- Netherlands (25.2 tons)
- United Arab Emirates (15.8 tons)
Exports of Hand-Operated Spanners and Wrenches in Nigeria
In 2022, overseas shipments of hand-operated spanners and wrencheses were finally on the rise to reach 6 tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a relatively flat trend pattern.
In value terms, hand-operated spanners and wrenches exports fell modestly to $170K in 2022. The total export value increased at an average annual rate of +2.8% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 5.7% against the previous year.
| Export of Hand-Operated Spanners and Wrenches in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 88.4 | 88.7 | 64.5 | 71.6 | -6.8% |
| Benin | 0.6 | 1.1 | 14.1 | 16.5 | 201.8% |
| Cameroon | 8.9 | 11.3 | 10.4 | 14.5 | 17.7% |
| South Korea | 8.3 | 9.3 | 8.1 | 9.5 | 4.6% |
| Ghana | 10.8 | 10.9 | 8.0 | 8.9 | -6.2% |
| Congo | 1.8 | 1.3 | 0.6 | 1.2 | -12.6% |
| Senegal | 0.7 | 0.3 | 0.1 | 0.4 | -17.0% |
| Others | 37.2 | 42.7 | 69.2 | 47.8 | 8.7% |
| Total | 157 | 166 | 175 | 170 | 2.7% |
Top Export Markets for Hand-Operated Spanners and Wrenches from Nigeria in 2022:
- Cameroon (2329.0 kg)
- Ghana (2136.0 kg)
- Benin (442.0 kg)
- South Korea (255.0 kg)
- Congo (176.0 kg)
- United Kingdom (170.0 kg)
- Senegal (158.0 kg)
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