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Nigeria - Watches - Market Analysis, Forecast, Size, Trends and Insights
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Nigeria: Watch Market Overview 2021

Watch Market Size in Nigeria

The Nigerien watch market amounted to $X in 2019, standing approx. at 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). Overall, consumption showed a relatively flat trend pattern.

Watch Exports

Exports from Nigeria

In 2020, the amount of watches exported from Nigeria dropped remarkably to X kg, which is down by -X% against 2019. In general, exports saw a dramatic downturn. The pace of growth was the most pronounced in 2018 with an increase of X% year-to-year. Exports peaked at X tonnes in 2016; however, from 2017 to 2020, exports stood at a somewhat lower figure.

In value terms, watch exports shrank notably to $X in 2020. Overall, exports showed a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of X% year-to-year. Over the period under review, exports reached the maximum at $X in 2016; however, from 2017 to 2020, exports remained at a lower figure.

Exports by Country

India (X kg) was the main destination for watch exports from Nigeria, with a X% share of total exports. Moreover, watch exports to India exceeded the volume sent to the second major destination, Switzerland (X kg), twofold. The third position in this ranking was occupied by South Africa (X kg), with a X% share.

From 2007 to 2020, the average annual growth rate of volume to India 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).

In value terms, India ($X) remains the key foreign market for watch exports from Nigeria, comprising X% of total exports. The second position in the ranking was occupied by Switzerland ($X), with a X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

From 2007 to 2020, the average annual growth rate of value to India totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-X% per year) and Hong Kong SAR (-X% per year).

Export Prices by Country

The average watch export price stood at $X per tonne in 2020, rising by X% against the previous year. In general, the export price enjoyed a remarkable increase. The growth pace was the most rapid in 2019 when the average export price increased by X% against the previous year. Over the period under review, average export prices attained the maximum in 2020 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2020, the country with the highest price was India ($X per tonne), while the average price for exports to Swaziland ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to India, while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Nigeria

In 2020, watch imports into Nigeria skyrocketed to X tonnes, growing by X% on the previous year's figure. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2009 when imports increased by X% y-o-y. Imports peaked at X tonnes in 2011; however, from 2012 to 2020, imports failed to regain the momentum.

In value terms, watch imports soared to $X in 2020. Over the period under review, imports posted a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Imports peaked in 2020 and are expected to retain growth in years to come.

Imports by Country

China (X tonnes), Switzerland (X tonnes) and India (X tonnes) were the main suppliers of watch imports to Nigeria, with a combined X% share of total imports. The U.S., the UK, Hong Kong SAR and Germany lagged somewhat behind, together comprising a further X 2007 to 2020, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (+X% per year), while imports for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of watch to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by the UK ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2007 to 2020, the average annual growth rate of value from Switzerland amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+X% per year) and China (+X% per year).

Import Prices by Country

In 2020, the average watch import price amounted to $X per tonne, increasing by X% against the previous year. In general, the import price showed a strong expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was the UK ($X per tonne), while the price for India ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Switzerland, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest producers of watches in the world?
+
The country with the largest volume of watch production was Free Zones (108 tonnes), accounting for 100% of total volume.
What are the leading suppliers of watches to Nigeria?
+
In value terms, Switzerland ($16M) constituted the largest supplier of watch to Nigeria, comprising 69% of total imports. The second position in the ranking was occupied by the UK ($5.4M), with a 23% share of total imports. It was followed by China, with a 2% share.
What are the leading importers of watches from Nigeria?
+
In value terms, India ($68K) remains the key foreign market for watch exports from Nigeria, comprising 61% of total exports. The second position in the ranking was occupied by Switzerland ($26K), with a 23% share of total exports. It was followed by Hong Kong SAR, with a 3.9% share.
What is the average export price for watches in Nigeria?
+
The average watch export price stood at $1,337,952 per tonne in 2020, with an increase of 31% against the previous year.
What is the average import price for watches in Nigeria?
+
The average watch import price stood at $406,531 per tonne in 2020, surging by 112% against the previous year.

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

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 2025.


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:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. 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

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption In 2007–2020
Table 5:
Imports, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Value Terms, By Country, 2007–2020
Table 7:
Import Prices, By Country Of Origin, 2007–2020
Table 8:
Exports, In Physical Terms, By Country, 2007–2020
Table 9:
Exports, In Value Terms, By Country, 2007–2020
Table 10:
Export Prices, By Country Of Destination, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007–2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007–2020
Figure 5:
Trade Balance, In Physical Terms, 2007–2020
Figure 6:
Trade Balance, In Value Terms, 2007–2020
Figure 7:
Per Capita Consumption, 2007–2020
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Exports And Growth
Figure 15:
Export Prices And Growth
Figure 16:
Market Size And Growth
Figure 17:
Per Capita Consumption
Figure 18:
Imports And Growth
Figure 19:
Import Prices
Figure 20:
Production, In Physical Terms, 2007–2020
Figure 21:
Production, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, 2007–2020
Figure 23:
Imports, In Value Terms, 2007–2020
Figure 24:
Imports, In Physical Terms, By Country, 2020
Figure 25:
Imports, In Physical Terms, By Country, 2007–2020
Figure 26:
Imports, In Value Terms, By Country, 2007–2020
Figure 27:
Import Prices, By Country Of Origin, 2007–2020
Figure 28:
Exports, In Physical Terms, 2007–2020
Figure 29:
Exports, In Value Terms, 2007–2020
Figure 30:
Exports, In Physical Terms, By Country, 2020
Figure 31:
Exports, In Physical Terms, By Country, 2007–2020
Figure 32:
Exports, In Value Terms, By Country, 2007–2020
Figure 33:
Export Prices, By Country Of Destination, 2007–2020

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