Nigeria: Market for Agricultural And Forestry Tractors 2023

Market Size for Agricultural And Forestry Tractors in Nigeria

The Nigerien agricultural and forestry tractor market fell significantly to $X in 2021, waning by -67.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a notable expansion. Over the period under review, the market reached the peak level at $X in 2020, and then declined sharply in the following year.

Exports of Agricultural And Forestry Tractors

Exports from Nigeria

In 2021, shipments abroad of agricultural and forestry tractors decreased by -16.7% to X units, falling for the fifth consecutive year after two years of growth. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 417% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, agricultural and forestry tractor exports stood at $X in 2021. Overall, exports recorded a significant curtailment. The growth pace was the most rapid in 2015 when exports increased by 377%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Egypt (X units) was the main destination for agricultural and forestry tractor exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Egypt stood at +14.0%.

In value terms, Egypt ($X) also remains the key foreign market for agricultural and forestry tractors exports from Nigeria.

From 2012 to 2021, the average annual rate of growth in terms of value to Egypt stood at +33.7%.

Export Prices by Country

In 2021, the average agricultural and forestry tractor export price amounted to $X per unit, rising by 34% against the previous year. In general, the export price, however, saw a abrupt slump. The growth pace was the most rapid in 2016 an increase of 50%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Egypt.

From 2012 to 2021, the rate of growth in terms of prices for Egypt amounted to +16.8% per year.

Imports of Agricultural And Forestry Tractors

Imports into Nigeria

Agricultural and forestry tractor imports into Nigeria shrank markedly to X units in 2021, dropping by -74.7% on the previous year. Overall, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 264%. As a result, imports reached the peak of X units, and then declined remarkably in the following year.

In value terms, agricultural and forestry tractor imports contracted rapidly to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 170% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), India (X units) and Pakistan (X units) were the main suppliers of agricultural and forestry tractor imports to Nigeria, with a combined 60% share of total imports. These countries were followed by the UK, Germany, Brazil, Italy and the United States, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +30.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of agricultural and forestry tractors to Nigeria, comprising 42% of total imports. The second position in the ranking was taken by India ($X), with a 9.1% share of total imports. It was followed by Pakistan, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+1.4% per year) and Pakistan (-3.2% per year).

Import Prices by Country

In 2021, the average agricultural and forestry tractor import price amounted to $X per unit, rising by 75% against the previous year. In general, the import price, however, continues to indicate a abrupt curtailment. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :