Musical Boxes Price in Nigeria - 2022

Musical Boxes Price in Nigeria (CIF) - 2022

In 2022, the average musical boxes import price amounted to $4.9 per unit, growing by 37% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The import price peaked at $8.4 per unit in 2018; however, from 2019 to 2022, import prices remained at a 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 China ($5 per unit), while the price for the UK ($1.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Musical Boxes Price in Nigeria (FOB) - 2022

The average musical boxes export price stood at $4.5 per unit in 2022, falling by -59.1% against the previous year. Overall, the export price saw a pronounced decrease. The most prominent rate of growth was recorded in 2016 an increase of 67%. The export price peaked at $11 per unit in 2021, and then shrank sharply in the following year.

As there is only one major export destination, the average price level is determined by prices for Ghana.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to -2.3% per year.

Musical Boxes Imports in Nigeria

In 2022, overseas purchases of musical boxeses increased by 220% to 51K units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, faced a dramatic setback. Imports peaked at 105K units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, musical boxes imports surged to $249K in 2022. Overall, imports, however, recorded a sharp reduction. Imports peaked at $617K in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Import of Musical Boxes in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	465	326	13.8	155	-30.7%
Singapore	77.7	72.5	28.0	62.5	-7.0%
United Arab Emirates	23.0	22.0	8.7	20.0	-4.6%
United Kingdom	13.2	9.1	2.6	4.3	-31.2%
Others	37.5	11.7	3.5	6.9	-43.1%
Total	617	441	56.6	249	-26.1%

Top Suppliers of Musical Boxes to Nigeria in 2022:

China (31.0K units)
Singapore (12.5K units)
United Arab Emirates (4.0K units)
United Kingdom (2.4K units)

Musical Boxes Exports in Nigeria

For the fourth consecutive year, Nigeria recorded growth in overseas shipments of musical boxeses, which increased by 42% to 91 units in 2022. In general, exports posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of 433% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, musical boxes exports fell remarkably to $412 in 2022. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 499% against the previous year. As a result, the exports reached the peak of $707, and then dropped dramatically in the following year.