Price for Electric Motors; AC Motors, Single-Phase in Nigeria - 2022
Contents:
- Price for Electric Motors; AC Motors, Single-Phase in Nigeria (CIF) - 2022
- Price for Electric Motors; AC Motors, Single-Phase in Nigeria (FOB) - 2022
- Imports of Electric Motors; AC Motors, Single-Phase in Nigeria
- Exports of Electric Motors; AC Motors, Single-Phase in Nigeria
Price for Electric Motors; AC Motors, Single-Phase in Nigeria (CIF) - 2022
The average import price for electric motors; AC motors, single-phases stood at $51.6 per unit in June 2022, standing approximately at the previous month. Overall, the import price showed a significant expansion. The pace of growth was the most pronounced in February 2022 an increase of 759% m-o-m. The import price peaked at $58.7 per unit in April 2022; however, from May 2022 to June 2022, import prices remained at a lower figure.
Average prices varied noticeably amongst the major supplying countries. In June 2022, the country with the highest price was Greece ($51.6 per unit), while the price for China stood at $51.6 per unit.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by China (+24.0%).
Price for Electric Motors; AC Motors, Single-Phase in Nigeria (FOB) - 2022
In 2022, the average export price for electric motors; AC motors, single-phases amounted to $49 per unit, with a decrease of -94.8% against the previous year. Over the period under review, the export price saw a slight curtailment. The most prominent rate of growth was recorded in 2021 an increase of 1,831% against the previous year. As a result, the export price attained the peak level of $950 per unit, and then shrank remarkably in the following year.
Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Cote d'Ivoire ($49 per unit) and Benin ($49 per unit), while the average price for exports to the Netherlands ($48 per unit) and Niger ($48 per unit) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+49.4%), while the prices for the other major destinations experienced a decline.
Imports of Electric Motors; AC Motors, Single-Phase in Nigeria
In 2022, the amount of electric motors; AC motors, single-phases imported into Nigeria soared to 1.2M units, growing by 134% compared with the previous year. Overall, imports continue to indicate strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, electric motors; AC motors, single-phase imports surged to $34M in 2022. Over the period under review, imports, however, showed a drastic downturn. Over the period under review, imports reached the maximum at $52M in 2020; however, from 2021 to 2022, imports failed to regain momentum.
| Import of Electric Motors; AC Motors, Single-Phase in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 43.2 | 47.5 | 24.2 | 29.4 | -12.0% |
| Others | 3.2 | 4.5 | 3.1 | 4.5 | 12.0% |
| Total | 46.4 | 52.1 | 27.3 | 34.0 | -9.8% |
Top Suppliers of Electric Motors; AC Motors, Single-Phase to Nigeria in 2022:
- China (1174.9K units)
Exports of Electric Motors; AC Motors, Single-Phase in Nigeria
In 2022, the amount of electric motors; AC motors, single-phases exported from Nigeria surged to 3.8K units, increasing by 877% compared with the previous year's figure. Over the period under review, exports enjoyed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, electric motors; AC motors, single-phase exports contracted significantly to $188K in 2022. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 8,478% against the previous year. As a result, the exports attained the peak of $372K, and then fell rapidly in the following year.
| Export of Electric Motors; AC Motors, Single-Phase in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Cote d'Ivoire | 5.2 | 1.6 | 4.5 | 65.5 | 132.7% |
| Benin | 1.9 | 1.4 | 4.5 | 60.6 | 217.1% |
| Niger | 1.9 | 1.2 | 3.3 | 37.5 | 170.2% |
| Netherlands | 0.1 | 0.1 | 1.8 | 20.5 | 489.6% |
| Mozambique | N/A | N/A | 357 | N/A | 0% |
| Others | N/A | N/A | 0.3 | 3.8 | 1166.7% |
| Total | 9.2 | 4.3 | 372 | 188 | 173.4% |
Top Export Markets for Electric Motors; AC Motors, Single-Phase from Nigeria in 2022:
- Cote d'Ivoire (1344.0 units)
- Benin (1242.0 units)
- Niger (775.0 units)
- Netherlands (431.0 units)
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Explore the top import markets for DC motors in 2023 and discover key statistics and insights.
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1201
China continued its dominance in the global motor trade. In 2014, China exported X million units of motors totaling X million USD, X% over the previous year. Its primary trading partner was the U.S., where it supplied X% of its total motor ex
