Nigeria: Market for Nets of Twine, Cordage, Rope or Textile Materials 2022

Market Size for Nets of Twine, Cordage, Rope or Textile Materials in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien market for nets of twine, cordage, rope or textile materials, when its value decreased by -X% to $X. Over the period under review, consumption, however, saw resilient growth. Over the period under review, the market hit record highs at $X in 2020, and then declined dramatically in the following year.

Exports of Nets of Twine, Cordage, Rope or Textile Materials

Exports from Nigeria

In 2021, overseas shipments of nets of twine, cordage, rope or textile materials were finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Over the period under review, exports, however, showed a deep slump. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, twine, cordage or textile net exports rose significantly to $X in 2021. In general, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cameroon (X kg) was the main destination for twine, cordage or textile net exports from Nigeria, with a X% share of total exports. Moreover, twine, cordage or textile net exports to Cameroon exceeded the volume sent to the second major destination, Niger (X kg), sevenfold. Benin (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2021, the average annual growth rate of volume to Cameroon stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+X% per year) and Benin (+X% per year).

In value terms, Cameroon ($X), Niger ($X) and Benin ($X) constituted the largest markets for twine, cordage or textile net exported from Nigeria worldwide, together accounting for X% of total exports.

In terms of the main countries of destination, Niger, with a CAGR of +X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for nets of twine, cordage, rope or textile materials stood at $X per ton in 2021, shrinking by -X% against the previous year. Over the period under review, the export price, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Niger ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nets of Twine, Cordage, Rope or Textile Materials

Imports into Nigeria

After three years of growth, purchases abroad of nets of twine, cordage, rope or textile materials decreased by -X% to X tons in 2021. In general, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2020, and then dropped rapidly in the following year.

In value terms, twine, cordage or textile net imports contracted markedly to $X in 2021. Over the period under review, imports, however, saw temperate growth. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2020, and then declined rapidly in the following year.

Imports by Country

In 2021, China (X tons) was the main supplier of twine, cordage or textile net to Nigeria, with a approx. X% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at +X%.

In value terms, China ($X) constituted the largest supplier of twine, cordage or textile net to Nigeria.

From 2012 to 2021, the average annual growth rate of value from China totaled +X%.

Import Prices by Country

The average import price for nets of twine, cordage, rope or textile materials stood at $X per ton in 2021, shrinking by -X% against the previous year. In general, the import price saw a abrupt descent. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -X% per year.

Source: IndexBox Platform