Nigeria: Precious Metal Watch Market 2024

Precious Metal Watch Market Size in Nigeria

The Nigerien precious metal watch market rose slightly to $X in 2022, growing by X% against the previous year. In general, consumption, however, showed a abrupt shrinkage. Precious metal watch consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Precious Metal Watch Production in Nigeria

In value terms, precious metal watch production stood at $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of X%. Precious metal watch production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Precious Metal Watch Exports

Exports from Nigeria

In 2022, overseas shipments of precious metal watches were finally on the rise to reach X units after three years of decline. In general, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, precious metal watch exports surged to $X in 2022. Over the period under review, exports continue to indicate significant growth. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Switzerland (X units), South Africa (X units) and the UK (X units) were the main destinations of precious metal watch exports from Nigeria, with a combined X% share of total exports. Benin and Indonesia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) emerged as the key foreign market for precious metal watches exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Switzerland ($X), with a X% share of total exports. It was followed by South Africa, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the UK amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and South Africa (X% per year).

Export Prices by Country

In 2022, the average precious metal watch export price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the export price enjoyed a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to South Africa ($X 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 the UK (X%), while the prices for the other major destinations experienced mixed trend patterns.

Precious Metal Watch Imports

Imports into Nigeria

In 2022, overseas purchases of precious metal watches decreased by X% to X units, falling for the third year in a row after three years of growth. Over the period under review, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, precious metal watch imports totaled $X in 2022. Overall, imports, however, saw significant growth. The growth pace was the most rapid in 2013 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X units), South Korea (X units) and Japan (X units) were the main suppliers of precious metal watch imports to Nigeria, with a combined X% share of total imports. China, New Zealand, the Netherlands, Switzerland, Hong Kong SAR, France and Belgium lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by New Zealand (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest precious metal watch suppliers to Nigeria were the United States ($X), Belgium ($X) and Japan ($X), together accounting for X% of total imports. China, Hong Kong SAR, South Korea, Switzerland, the Netherlands, New Zealand and France lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, New Zealand, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average precious metal watch import price stood at $X per unit in 2022, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2015 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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