Nigeria - Watches - Market Analysis, Forecast, Size, Trends and Insights
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View PricingWatch Price in Nigeria - 2022
Contents:
- Watch Price in Nigeria (CIF) - 2022
- Watch Price in Nigeria (FOB) - 2022
- Watch Imports in Nigeria
- Watch Exports in Nigeria
Watch Price in Nigeria (CIF) - 2022
In 2022, the average watch import price amounted to $218 per unit, jumping by 23% against the previous year. In general, the import price showed a significant increase. The pace of growth was the most pronounced in 2017 when the average import price increased by 208%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in years to come.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($720 per unit), while the price for China ($37 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+39.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Watch Price in Nigeria (FOB) - 2022
In 2022, the average watch export price amounted to $132 per unit, which is down by -41.5% against the previous year. In general, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 288%. Over the period under review, the average export prices reached the peak figure at $328 per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
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 Germany ($411 per unit), while the average price for exports to the United Arab Emirates ($38 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+85.1%), while the prices for the other major destinations experienced more modest paces of growth.
Watch Imports in Nigeria
In 2022, the amount of watches imported into Nigeria expanded notably to 11K units, growing by 7% on 2021 figures. In general, imports, however, recorded a perceptible contraction. Imports peaked at 13K units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.
In value terms, watch imports soared to $2.5M in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Watch in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Switzerland | 270 | 169 | 209 | 1,403 | 73.2% |
| China | 308 | 267 | 101 | 238 | -8.2% |
| Germany | 98.5 | 43.0 | 49.7 | 145 | 13.8% |
| United Arab Emirates | 159 | 305 | 156 | 94.3 | -16.0% |
| United States | 766 | 398 | 264 | 74.5 | -54.0% |
| Philippines | 56.9 | 21.1 | 56.2 | 61.2 | 2.5% |
| United Kingdom | 94.9 | 211 | 121 | 54.3 | -17.0% |
| Hong Kong SAR | 145 | 80.1 | 65.2 | 32.8 | -39.1% |
| India | 19.4 | 3.6 | 21.5 | 17.5 | -3.4% |
| Canada | 13.5 | 67.2 | 37.1 | 14.6 | 2.6% |
| South Africa | 17.2 | 15.5 | 19.2 | 14.2 | -6.2% |
| Israel | 25.8 | 35.4 | 38.7 | 2.0 | -57.4% |
| Others | 375 | 243 | 734 | 306 | -6.6% |
| Total | 2,351 | 1,858 | 1,873 | 2,459 | 1.5% |
Top Suppliers of Watch to Nigeria in 2022:
- China (6489.0 units)
- Switzerland (1950.0 units)
- Hong Kong SAR (458.0 units)
- India (340.0 units)
- United States (275.0 units)
- Germany (214.0 units)
- United Arab Emirates (196.0 units)
- United Kingdom (177.0 units)
- Canada (175.0 units)
- Philippines (93.0 units)
- South Africa (51.0 units)
- Israel (29.0 units)
Watch Exports in Nigeria
In 2022, overseas shipments of watches increased by 107% to 8K units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a sharp shrinkage. Over the period under review, the exports reached the peak figure at 26K units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.
In value terms, watch exports skyrocketed to $1.1M in 2022. Over the period under review, exports, however, recorded a abrupt decrease. Over the period under review, the exports hit record highs at $1.5M in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.
| Export of Watch in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Sudan | 58.5 | 76.8 | 357 | 291 | 70.7% |
| India | 809 | 103 | 11.7 | 214 | -35.8% |
| Germany | 27.4 | 222 | 199 | 184 | 88.7% |
| Switzerland | 212 | 73.3 | 26.2 | 121 | -17.0% |
| Vietnam | 19.5 | 295 | 40.0 | 78.6 | 59.1% |
| United States | 19.6 | 119 | 44.8 | 44.7 | 31.6% |
| United Arab Emirates | 109 | 31.1 | 26.9 | 40.8 | -27.9% |
| Russia | 24.0 | 25.1 | 19.8 | 16.4 | -11.9% |
| France | 11.8 | 0.5 | 7.0 | 5.9 | -20.6% |
| Poland | 11.1 | 6.1 | 0.1 | 3.9 | -29.4% |
| China | 11.4 | N/A | N/A | N/A | 0% |
| Latvia | 24.0 | N/A | N/A | N/A | 0% |
| Morocco | 51.2 | N/A | N/A | N/A | 0% |
| Others | 108 | 281 | 139 | 51.7 | -21.8% |
| Total | 1,496 | 1,233 | 871 | 1,052 | -11.1% |
Top Export Markets for Watch from Nigeria in 2022:
- Sudan (3287.0 units)
- United Arab Emirates (1074.0 units)
- Vietnam (868.0 units)
- United States (702.0 units)
- Switzerland (467.0 units)
- Germany (447.0 units)
- Russia (181.0 units)
- India (120.0 units)
- Poland (102.0 units)
- France (67.0 units)
This report provides an in-depth analysis of the watch market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
- Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
-
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
-
4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
-
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
-
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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