Nigeria: Market for Precious Metal-Clad Goldsmiths Articles of Base Metals 2024

Market Size for Precious Metal-Clad Goldsmiths Articles of Base Metals in Nigeria

The Nigerien market for precious metal-clad goldsmiths articles of base metals soared to $X in 2022, jumping by X% against the previous year. In general, consumption, however, continues to indicate a abrupt downturn. Consumption of peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Precious Metal-Clad Goldsmiths Articles of Base Metals in Nigeria

In value terms, production of precious metal-clad goldsmiths articles of base metals reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. Production of peaked in 2022 and is expected to retain growth in the near future.

Exports of Precious Metal-Clad Goldsmiths Articles of Base Metals

Exports from Nigeria

In 2022, exports of precious metal-clad goldsmiths articles of base metals from Nigeria soared to X tons, rising by X% on the previous year's figure. Overall, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of precious metal-clad goldsmiths articles of base metals rose to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for exports of precious metal-clad goldsmiths articles of base metals from Nigeria, accounting for a X% share of total exports. It was followed by Cote d'Ivoire (X kg), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger totaled X%.

In value terms, the largest markets for precious metal-clad goldsmiths article of base metals exported from Nigeria were Niger ($X) and Cote d'Ivoire ($X).

Among the main countries of destination, Niger, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average export price for precious metal-clad goldsmiths articles of base metals stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price recorded a precipitous contraction. The pace of growth appeared the most rapid in 2016 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a 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 Cote d'Ivoire ($X per ton), while the average price for exports to Niger amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (X%).

Imports of Precious Metal-Clad Goldsmiths Articles of Base Metals

Imports into Nigeria

In 2022, overseas purchases of precious metal-clad goldsmiths articles of base metals decreased by X% to X kg, falling for the second consecutive year after two years of growth. In general, imports showed a significant decline. The pace of growth was the most pronounced in 2020 with an increase of X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, imports of precious metal-clad goldsmiths articles of base metals dropped remarkably to $X in 2022. Over the period under review, imports saw a precipitous slump. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Poland (X kg) constituted the largest supplier of precious metal-clad goldsmiths article of base metals to Nigeria, accounting for a X% share of total imports. Moreover, imports of precious metal-clad goldsmiths articles of base metals from Poland exceeded the figures recorded by the second-largest supplier, the UK (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland stood at X%.

In value terms, Poland ($X) constituted the largest supplier of precious metal-clad goldsmiths articles of base metals to Nigeria, comprising X% of total imports. The second position in the ranking was taken by the UK ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Poland was relatively modest.

Import Prices by Country

In 2022, the average import price for precious metal-clad goldsmiths articles of base metals amounted to $X per ton, shrinking by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per ton), while the price for the UK stood at $X per ton.

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

Source: IndexBox Platform

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