Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria - 2022
Contents:
- Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria (CIF) - 2022
- Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria (FOB) - 2022
- Imports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria
- Exports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria
Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria (CIF) - 2022
The average import price for spices; fruits of the genus capsicum or pimenta, crushed or ground stood at $4,604 per ton in 2022, growing by 36% against the previous year. Overall, import price indicated a resilient increase from 2015 to 2022: its price increased at an average annual rate of +6.3% over the last seven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 an increase of 63%. As a result, import price reached the peak level of $4,684 per ton. From 2020 to 2022, the average import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Lebanon ($11,379 per ton), while the price for South Africa ($3,370 per ton) was amongst the lowest.
From 2015 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+297.7%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria (FOB) - 2022
The average export price for spices; fruits of the genus capsicum or pimenta, crushed or ground stood at $4,078 per ton in 2022, jumping by 40% against the previous year. Over the period under review, the export price enjoyed buoyant growth. The pace of growth was the most pronounced in 2017 when the average export price increased by 90% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($11,833 per ton), while the average price for exports to Niger ($424 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+40.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria
In 2022, after three years of growth, there was significant decline in supplies from abroad of spices; fruits of the genus capsicum or pimenta, crushed or ground, when their volume decreased by -51.4% to 68 tons. Over the period under review, imports, however, saw significant growth. The growth pace was the most rapid in 2020 with an increase of 293% against the previous year.
In value terms, imports of spices; fruits of the genus capsicum or pimenta, crushed or ground declined remarkably to $312K in 2022. In general, imports, however, recorded a significant increase. The growth pace was the most rapid in 2020 when imports increased by 217%.
| Import of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 2.3 | N/A | 76.9 | 130 | 283.8% |
| Spain | 0.9 | 122 | 264 | 82.5 | 350.9% |
| Lebanon | N/A | N/A | 31.6 | 68.8 | 117.7% |
| United Kingdom | N/A | N/A | N/A | 12.4 | 0% |
| Hungary | 44.6 | 27.6 | 92.5 | N/A | 44.0% |
| China | N/A | N/A | 4.3 | N/A | 0% |
| Others | 1.8 | 7.6 | 3.1 | 18.7 | 118.2% |
| Total | 49.6 | 157 | 473 | 312 | 84.6% |
Top Suppliers of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground to Nigeria in 2022:
- India (35.5 tons)
- Spain (22.0 tons)
- Lebanon (6.0 tons)
- United Kingdom (1.3 tons)
Exports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria
In 2022, shipments abroad of spices; fruits of the genus capsicum or pimenta, crushed or ground decreased by -5.7% to 61 tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 270% against the previous year.
In value terms, exports of spices; fruits of the genus capsicum or pimenta, crushed or ground surged to $251K in 2022. Overall, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 331%. Over the period under review, the exports of spices; fruits of genus capsicum or pimenta, crushed or ground reached the peak figure in 2022 and are expected to retain growth in the immediate term.
| Export of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | N/A | N/A | 2.8 | 72.1 | 2475.0% |
| Italy | N/A | N/A | 87.9 | 61.0 | -30.6% |
| Austria | 0.1 | N/A | N/A | 24.0 | 521.4% |
| Germany | N/A | N/A | N/A | 23.2 | 0% |
| Canada | 2.4 | 11.4 | 19.6 | 14.2 | 80.9% |
| United States | 14.7 | 63.8 | 62.5 | 11.1 | -8.9% |
| Netherlands | N/A | 0.1 | 0.5 | 9.7 | 884.9% |
| Belgium | 0.3 | 3.1 | 4.6 | 0.8 | 38.7% |
| Others | 3.9 | 13.1 | 11.9 | 34.6 | 107.0% |
| Total | 21.3 | 91.7 | 190 | 251 | 127.6% |
Top Export Markets for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground from Nigeria in 2022:
- Italy (16.1 tons)
- United Kingdom (14.9 tons)
- Canada (12.5 tons)
- United States (5.0 tons)
- Netherlands (3.0 tons)
- Austria (2.3 tons)
- Germany (2.0 tons)
- Belgium (0.8 tons)
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