Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria - 2023
Contents:
- Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria (CIF) - 2022
- Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria (FOB) - 2022
- Imports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria
- Exports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria
Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria (CIF) - 2022
The average import price for furniture; wooden, other than for office, kitchen or bedroom use stood at $93 per unit in 2022, increasing by 2.5% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 94%. As a result, import price reached the peak level of $127 per unit. From 2017 to 2022, the average import prices remained at a somewhat lower figure.
Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($119 per unit) and France ($98 per unit), while the price for Brazil ($88 per unit) and the UK ($90 per unit) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-0.1%), while the prices for the other major suppliers experienced a decline.
Price for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria (FOB) - 2022
The average export price for furniture; wooden, other than for office, kitchen or bedroom use stood at $85 per unit in 2022, picking up by 15% against the previous year. Overall, the export price, however, continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2017 an increase of 99% against the previous year. As a result, the export price reached the peak level of $144 per unit. From 2018 to 2022, the average export prices remained at a somewhat 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 Burkina Faso ($104 per unit), while the average price for exports to Kenya ($40 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 Burkina Faso (+3.9%), while the prices for the other major destinations experienced a decline.
Imports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria
In 2022, imports of furniture; wooden, other than for office, kitchen or bedroom use into Nigeria skyrocketed to 56K units, rising by 27% compared with the year before. Overall, imports showed a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 108%. As a result, imports attained the peak of 61K units. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of furniture; wooden, other than for office, kitchen or bedroom use skyrocketed to $5.2M in 2022. In general, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +16.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 61%. As a result, imports reached the peak of $5.3M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
| Import of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 1,585 | 3,630 | 2,220 | 2,363 | 14.2% |
| Turkey | 81.9 | 432 | 596 | 1,065 | 135.2% |
| Japan | 0.2 | N/A | N/A | 267 | 1001.1% |
| Italy | 3.3 | 33.2 | 82.8 | 261 | 329.2% |
| South Africa | 39.4 | 392 | 55.3 | 206 | 73.6% |
| Spain | 41.8 | N/A | 11.1 | 182 | 63.3% |
| Germany | N/A | 373 | 48.9 | 159 | -34.7% |
| United States | 53.3 | 124 | 143 | 132 | 35.3% |
| Kenya | N/A | N/A | N/A | 130 | 0% |
| United Kingdom | 133 | 27.7 | 227 | 95.7 | -10.4% |
| France | 37.6 | N/A | N/A | 86.1 | 31.8% |
| Brazil | 1,021 | N/A | N/A | 9.5 | -79.0% |
| Others | 269 | 239 | 595 | 232 | -4.8% |
| Total | 3,265 | 5,251 | 3,978 | 5,189 | 16.7% |
Top Suppliers of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use to Nigeria in 2022:
- China (26.4K units)
- Turkey (11.9K units)
- Italy (2.9K units)
- South Africa (2.3K units)
- Japan (2.2K units)
- Spain (2.0K units)
- Germany (1.8K units)
- United States (1.5K units)
- Kenya (1.5K units)
- United Kingdom (1.1K units)
- France (0.9K units)
- Brazil (0.1K units)
Exports of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria
In 2022, after two years of decline, there was significant growth in overseas shipments of furniture; wooden, other than for office, kitchen or bedroom use, when their volume increased by 86% to 11K units. Over the period under review, exports posted a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, exports of furniture; wooden, other than for office, kitchen or bedroom use skyrocketed to $924K in 2022. In general, exports posted resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 639 | 237 | 145 | 716 | 3.9% |
| United Arab Emirates | 1.1 | N/A | 147 | 35.8 | 219.3% |
| Kenya | 2.6 | 3.7 | 7.6 | 32.9 | 133.0% |
| Benin | 11.3 | 13.6 | 22.3 | 25.1 | 30.5% |
| United States | 4.5 | 22.8 | 6.6 | 22.7 | 71.5% |
| Niger | 8.4 | 7.4 | 18.6 | 6.4 | -8.7% |
| Others | 63.3 | 84.9 | 82.1 | 85.1 | 10.4% |
| Total | 731 | 369 | 429 | 924 | 8.1% |
Top Export Markets for Furniture; Wooden, Other than for Office, Kitchen or Bedroom Use from Nigeria in 2022:
- United Kingdom (8.6K units)
- Kenya (0.8K units)
- United Arab Emirates (0.5K units)
- Benin (0.3K units)
- United States (0.1K units)
- Niger (0.1K units)
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