T13 · Trade opportunity evidence

South Korea (KOR) to Nigeria (NGA) heaters: electric, instantaneous or storage water and immersion heaters (HS6 851610)

A country-to-country view of reported heaters: electric, instantaneous or storage water and immersion heaters trade, combining buyer demand, exporter position, market structure, access conditions, and observed lane history.

Exporter South Korea (KOR)Importer Nigeria (NGA)HS6 851610One-way tradeCoverage 1999-2024Growing

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3-year buyer projection

$22.5MCalculated from reported demand

Exporter growth

+18.3%Full available history

Suppliers in market

32Latest reported count

Observed history

26 yearsLast year: 2024

Reported observations

What this heaters: electric, instantaneous or storage water and immersion heaters lane shows for HS 851610

Core values for South Korea (KOR) → Nigeria (NGA) in HS 851610.

Buyer market

Latest imports$16.6M

Five-year projection$27.6M

Buyer CAGR+10.8%

Latest annual change-32.3%

Exporter position

Latest exports$54.4K

Market share0.3%

Share change+0.1 pp

Best observed share81.9%

Market structure

Reported suppliers32

Concentration index6,775.8

Share gap+81.6 pp

SignalGrowing

Detailed evidence

Complete lane evidence

Reported values, calculated indicators, and country-pair context for this route.

Measure	Value	What it describes
Buyer imports	$16.6M	Nigeria (NGA)'s latest reported imports
Exporter exports	$54.4K	South Korea (KOR)'s exports to Nigeria (NGA)
Exporter market share	0.3%	Exporter share of the reported buyer market
Buyer five-year CAGR	+10.8%	Annualized change in buyer imports
Exporter full-history CAGR	+18.3%	Annualized change in exporter exports
Three-year buyer projection	$22.5M	Calculated projection from reported demand
Five-year buyer projection	$27.6M	Calculated projection from reported demand
Average buyer imports	$9.7M	Average reported importer value
Peak buyer imports	$24.5M	Highest reported importer value
Average exporter exports	$34.6K	Average reported lane exports
Peak exporter exports	$105.6K	Highest reported lane exports
Share change	+0.1 pp	Latest one-year change in exporter share
Reported suppliers	32	Supplier countries observed in the latest period
Buyer GDP	$440.8B	Latest buyer-country GDP estimate
Buyer GDP per person	$2.1K	Latest buyer-country GDP per person
Buyer population	211,400.7 thousand	Latest buyer-country population estimate
Buyer investment rate	26.3%	Reported buyer-country investment rate
Buyer secondary education	40.4%	Reported secondary education coverage
Distance	12,414 km	Approximate country-pair distance
Business entry time	7.2 days	Reported days to start a business
Shared legal system	No	Country-pair institutional relationship
Reported FTA	No	Reported trade-agreement indicator
WTO member	Yes	Buyer-country WTO membership indicator
Lane volatility	0.8	Variation indicator across observed lane values
Maximum drawdown	99.7%	Largest observed decline from a prior peak
Observed history	26 years	Coverage through 2024

Research reading

Heaters: electric, instantaneous or storage water and immersion heaters demand and the South Korea (KOR) to Nigeria (NGA) lane

Nigeria (NGA) reported $16.6M of heaters: electric, instantaneous or storage water and immersion heaters imports in 2024. South Korea (KOR) accounted for 0.3% of the observed market and reported $54.4K in exports on this lane.

The latest annual values eased slightly, while the longer available history shows +10.8% buyer growth and +18.3% exporter growth. The page separates reported values from projections and indicators.

Product classification

What does HS 851610 include?

HS 851610 covers Heaters: electric, instantaneous or storage water and immersion heaters. This page studies the six-digit Harmonized System classification rather than a company, brand, retail category, or individual shipment.

The classification sits in HS chapter 85 and heading 8516. The recorded trade type is one-way trade, with a high price range classification in the available product reference data.

How to interpret this page

Compare demand, position, and history together

This HS 851610 trade opportunity page brings together the buyer market in Nigeria (NGA), the exporter position of South Korea (KOR), and the observed conditions of their trade lane. A large buyer market does not by itself show that every exporter has equal access, and a positive growth rate does not remove the need to examine volatility and historical coverage.

Use the reported imports and exports to understand scale, market share to understand position, projections to understand the calculated forward view, and lane history to understand how much evidence supports the comparison.

Frequently asked questions

Questions about South Korea (KOR) to Nigeria (NGA) heaters: electric, instantaneous or storage water and immersion heaters trade

What is the HS code for this product?

This page covers HS 851610, the six-digit product classification shown in the trade records.

How large is the Nigeria (NGA) market?

The page reports the latest buyer imports, historical averages, peaks, growth, and calculated projections for heaters: electric, instantaneous or storage water and immersion heaters.

How strong is South Korea (KOR) in this market?

Exporter performance is shown through lane exports, market share, share change, growth, and the number of reported suppliers.

What should be checked before entering this market?

Review market scale, competition, access indicators, volatility, drawdown, and the available history together rather than relying on one signal.

Definitions and coverage

How to read this page

Reported values

Trade values describe reported merchandise trade for the stated HS6 classification. They are not company-level sales or shipment records.

Calculated indicators

Growth, projections, concentration, volatility, and share-gap figures are calculated from the reported observations and should be interpreted with their coverage period.

Coverage

This sample covers 26 observed years through 2024. Missing values are shown as not reported rather than estimated.

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Compare this product across markets and routes

Use the trade data and methodology pages to study other exporters, importers, and HS6 products.