Price for Electrical Insulators of Any Material in Nigeria - 2022
Contents:
- Price for Electrical Insulators of Any Material in Nigeria (CIF) - 2022
- Imports of Electrical Insulators of Any Material in Nigeria
Price for Electrical Insulators of Any Material in Nigeria (CIF) - 2022
The average import price for electrical insulators of any materials stood at $259 per thousand units in June 2022, shrinking by -14.1% against the previous month. Over the period under review, the import price, however, continues to indicate buoyant growth. The growth pace was the most rapid in May 2022 an increase of 83% against the previous month. As a result, import price attained the peak level of $0.3 per unit, and then shrank in the following month.
Prices varied noticeably by the country of origin: the country with the highest price was India ($371 per thousand units), while the price for Turkey ($117 per thousand units) was amongst the lowest.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Electrical Insulators of Any Material in Nigeria
In 2022, supplies from abroad of electrical insulators of any materials decreased by -66.6% to 175M units, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2020 with an increase of 370%. As a result, imports attained the peak of 533M units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, electrical insulators of any material imports fell markedly to $42M in 2022. Overall, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 437% against the previous year. Over the period under review, imports hit record highs at $65M in 2021, and then contracted sharply in the following year.
| Import of Electrical Insulators of Any Material in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 8.1 | 54.4 | 62.3 | 34.0 | 61.3% |
| India | 0.5 | 0.6 | 0.8 | 3.5 | 91.3% |
| United States | N/A | 0.1 | N/A | 1.3 | 260.6% |
| Turkey | 0.1 | 1.1 | 1.1 | 0.9 | 108.0% |
| Others | 2.0 | 1.3 | 0.9 | 1.8 | -3.5% |
| Total | 10.7 | 57.5 | 65.2 | 41.5 | 57.1% |
Top Suppliers of Electrical Insulators of Any Material to Nigeria in 2022:
- China (146.0M units)
- India (14.6M units)
- Turkey (6.5M units)
- United States (4.0M units)
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