Life-Jackets and Life-Belts Price in Nigeria - 2022

Life-Jackets and Life-Belts Price in Nigeria (CIF) - 2022

The average life-jackets and life-belts import price stood at $5,761 per ton in 2022, waning by -33.2% against the previous year. Overall, the import price, however, recorded resilient growth. The pace of growth was the most pronounced in 2013 an increase of 320% against the previous year. Over the period under review, average import prices reached the maximum at $18,010 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 the United States ($29,523 per ton), while the price for China ($4,125 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Life-Jackets and Life-Belts Price in Nigeria (FOB) - 2022

The average life-jackets and life-belts export price stood at $31,843 per ton in 2022, growing by 15% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, life-jackets and life-belts export price decreased by -28.4% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 67%. The export price peaked at $44,492 per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($270,923 per ton), while the average price for exports to Ireland ($3,333 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 Angola (+75.1%), while the prices for the other major destinations experienced more modest paces of growth.

Life-Jackets and Life-Belts Imports in Nigeria

In 2022, approx. 143 tons of life-jackets and life-beltses were imported into Nigeria; jumping by 169% compared with the previous year's figure. Over the period under review, imports continue to indicate a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, life-jackets and life-belts imports skyrocketed to $821K in 2022. In general, imports, however, showed a drastic downturn.

Import of Life-Jackets and Life-Belts in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	420	489	125	488	5.1%
United Kingdom	98.8	29.7	19.8	106	2.4%
South Africa	9.9	5.0	1.6	29.8	44.4%
United States	432	223	10.2	28.7	-59.5%
India	11.5	16.8	40.8	28.3	35.0%
Turkey	33.4	0.9	32.3	7.8	-38.4%
Others	362	254	227	133	-28.4%
Total	1,368	1,018	457	821	-15.6%

Top Suppliers of Life-Jackets and Life-Belts to Nigeria in 2022:

China (118.4 tons)
United Kingdom (5.6 tons)
India (5.4 tons)
South Africa (3.7 tons)
United States (1.0 tons)
Turkey (0.4 tons)

Life-Jackets and Life-Belts Exports in Nigeria

Life-jackets and life-belts exports from Nigeria reduced rapidly to 287 kg in 2022, shrinking by -38.3% against 2021. Over the period under review, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2021 with an increase of 281% against the previous year. As a result, the exports attained the peak of 465 kg, and then shrank significantly in the following year.

In value terms, life-jackets and life-belts exports reduced sharply to $9.1K in 2022. In general, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2021 when exports increased by 137%.

Export of Life-Jackets and Life-Belts in Nigeria (USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Angola	2,831	1,674	3,148	3,522	7.6%
Italy	3,340	1,285	1,570	891	-35.6%
France	1,080	540	860	814	-9.0%
Latvia	N/A	N/A	N/A	465	0%
United Kingdom	703	328	486	429	-15.2%
Israel	N/A	N/A	N/A	401	0%
Netherlands	445	135	331	311	-11.3%
United States	1,321	488	573	301	-38.9%
Belgium	N/A	N/A	N/A	164	0%
Ireland	N/A	N/A	N/A	80.0	0%
South Africa	1,175	303	248	63.0	-62.3%
Benin	N/A	N/A	119	N/A	0%
Mozambique	N/A	N/A	3,411	N/A	0%
Others	3,534	675	2,100	1,698	-21.7%
Total	14,429	5,428	12,846	9,139	-14.1%