Price for Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria - 2023

Contents:

1. Price for Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria (CIF) - 2022
2. Price for Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria (FOB) - 2022
3. Imports of Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria
4. Exports of Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria

Price for Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria (CIF) - 2022

The average import price for balances; of a sensitivity of 5cg or better, with or without weightses stood at $14,316 per ton in 2022, growing by 120% against the previous year. In general, the import price, however, showed a slight setback. The pace of growth appeared the most rapid in 2016 when the average import price increased by 277%. As a result, import price reached the peak level of $165,376 per ton. From 2017 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 India ($57,215 per ton), while the price for Lebanon ($3,423 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria (FOB) - 2022

The average export price for balances; of a sensitivity of 5cg or better, with or without weightses stood at $66,825 per ton in 2022, jumping by 16% against the previous year. Over the period under review, the export price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2021 an increase of 17,525% against the previous year. The export price peaked at $697,561 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($16,609 per ton), while the average price for exports to Benin ($381 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 Ghana (+7.5%), while the prices for the other major destinations experienced a decline.

Imports of Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria

In 2022, overseas purchases of balances; of a sensitivity of 5cg or better, with or without weightses decreased by -54.3% to 10 tons, falling for the second year in a row after two years of growth. In general, imports saw a sharp downturn. The growth pace was the most rapid in 2020 with an increase of 25% against the previous year. As a result, imports reached the peak of 71 tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of balances; of a sensitivity of 5cg or better, with or without weightses shrank sharply to $151K in 2022. Overall, imports saw a dramatic shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 12% against the previous year. As a result, imports attained the peak of $733K. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

Top Suppliers of Balances; of A Sensitivity of 5cg or Better, with or Without Weights to Nigeria in 2022:

1. China (6.4 tons)
2. Turkey (1.4 tons)
3. India (0.7 tons)
4. Lebanon (0.3 tons)
5. Brazil (0.2 tons)
6. Indonesia (0.2 tons)
7. Germany (0.2 tons)
8. United Kingdom (0.1 tons)

Exports of Balances; of A Sensitivity of 5cg or Better, with or Without Weights in Nigeria

In 2022, approx. 1.2 tons of balances; of a sensitivity of 5cg or better, with or without weightses were exported from Nigeria; increasing by 8,136% on 2021 figures. In general, exports saw a significant expansion.

In value terms, exports of balances; of a sensitivity of 5cg or better, with or without weightses skyrocketed to $6.8K in 2022. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Top Export Markets for Balances; of A Sensitivity of 5cg or Better, with or Without Weights from Nigeria in 2022:

1. Benin (816.0 kg)
2. Ghana (183.0 kg)
3. Germany (87.0 kg)
4. Burkina Faso (43.0 kg)

Source: IndexBox Market Intelligence Platform