Copper Wire Price in Nigeria - 2022
Contents:
- Copper Wire Price in Nigeria (CIF) - 2022
- Copper Wire Price in Nigeria (FOB) - 2022
- Copper Wire Imports in Nigeria
- Copper Wire Exports in Nigeria
Copper Wire Price in Nigeria (CIF) - 2022
In 2022, the average copper wire import price amounted to $10,432 per ton, picking up by 4.6% against the previous year. Overall, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper wire import price increased by +32.7% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 41%. The import price peaked in 2022 and is expected to retain growth in the near future.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Botswana ($27,112 per ton), while the price for Ukraine ($987 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Copper Wire Price in Nigeria (FOB) - 2022
In 2022, the average copper wire export price amounted to $7,105 per ton, surging by 93% against the previous year. Overall, the export price, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 132%. Over the period under review, the average export prices reached the peak figure at $8,026 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for India.
From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to +163.0% per year.
Copper Wire Imports in Nigeria
Copper wire imports into Nigeria surged to 3.7K tons in 2022, increasing by 68% on the previous year. Over the period under review, imports continue to indicate modest growth.
In value terms, copper wire imports skyrocketed to $39M in 2022. Overall, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +17.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Copper Wire in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Botswana | 7.4 | 10.3 | 7.9 | 17.2 | 32.5% |
| Spain | 1.7 | 3.8 | 2.4 | 3.9 | 31.9% |
| Egypt | 1.1 | 2.9 | 1.9 | 3.7 | 49.8% |
| United Arab Emirates | 1.3 | 0.3 | 1.3 | 2.3 | 20.9% |
| Ukraine | 1.7 | 1.6 | 0.9 | 1.3 | -8.6% |
| Russia | 0.5 | 0.8 | 0.5 | 0.9 | 21.6% |
| France | 0.4 | 0.5 | 0.5 | 0.9 | 31.0% |
| Belgium | 4.1 | 5.4 | 0.4 | 0.7 | -44.5% |
| Germany | 1.8 | 3.0 | 0.4 | 0.5 | -34.8% |
| Antigua and Barbuda | 1.1 | 1.4 | 0.5 | 0.3 | -35.2% |
| Others | 2.9 | 3.2 | 5.3 | 7.1 | 34.8% |
| Total | 23.9 | 33.3 | 22.0 | 38.7 | 17.4% |
Top Suppliers of Copper Wire to Nigeria in 2022:
- Ukraine (1326.5 tons)
- Botswana (633.5 tons)
- Spain (314.0 tons)
- Egypt (285.8 tons)
- United Arab Emirates (157.1 tons)
- Russia (154.2 tons)
- France (72.5 tons)
- Antigua and Barbuda (57.1 tons)
- Belgium (54.9 tons)
- Germany (29.4 tons)
Copper Wire Exports in Nigeria
In 2022, overseas shipments of copper wires decreased by -72.6% to 11 tons, falling for the second consecutive year after two years of growth. Over the period under review, exports saw a sharp contraction. The pace of growth appeared the most rapid in 2020 with an increase of 122%. As a result, the exports attained the peak of 65 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, copper wire exports dropped significantly to $81K in 2022. In general, exports showed a significant decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 71%. As a result, the exports reached the peak of $306K. From 2021 to 2022, the growth of the exports failed to regain momentum.
| Export of Copper Wire in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 160 | 80.1 | 80.0 | 80.1 | -20.6% |
| Ghana | 18.9 | 0.5 | 0.4 | 0.6 | -68.3% |
| Democratic Republic of the Congo | N/A | 29.2 | N/A | N/A | 0% |
| Nepal | N/A | 147 | N/A | N/A | 0% |
| Togo | N/A | N/A | 71.8 | N/A | 0% |
| Angola | N/A | 46.6 | N/A | N/A | 0% |
| Others | N/A | 2.2 | 0.3 | N/A | -86.4% |
| Total | 179 | 306 | 153 | 80.6 | -23.4% |
Top Export Markets for Copper Wire from Nigeria in 2022:
- India (11.2 tons)
- Ghana (0.1 tons)
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