Price for Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria - 2022

Contents:

1. Price for Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria (CIF) - 2022
2. Price for Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria (FOB) - 2022
3. Imports of Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria
4. Exports of Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria

Price for Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria (CIF) - 2022

In 2022, the average import price for flour and meal; of sago, roots or tubers of heading no. 0714 amounted to $1,623 per ton, surging by 4% against the previous year. In general, the import price enjoyed a strong increase. The growth pace was the most rapid in 2014 when the average import price increased by 62% against the previous year. The import price peaked at $2,181 per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Netherlands ($1,630 per ton), while the price for the United States ($688 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.6%), while the prices for the other major suppliers experienced a decline.

Price for Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria (FOB) - 2022

In 2022, the average export price for flour and meal; of sago, roots or tubers of heading no. 0714 amounted to $488 per ton, increasing by 13% against the previous year. In general, the export price, however, saw a abrupt descent. The pace of growth was the most pronounced in 2013 an increase of 45% against the previous year. Over the period under review, the average export prices reached the maximum at $1,934 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($1,274 per ton), while the average price for exports to Ghana ($187 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 Canada (+3.8%), while the prices for the other major destinations experienced a decline.

Imports of Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria

In 2022, imports of flour and meal; of sago, roots or tubers of heading no. 0714 into Nigeria skyrocketed to 6.7K tons, rising by 1,697% compared with the year before. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2021 when imports increased by 2,271%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of flour and meal; of sago, roots or tubers of heading no. 0714 skyrocketed to $11M in 2022. In general, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2021 when imports increased by 2,882% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are likely to continue growth in the near future.

Top Suppliers of Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 to Nigeria in 2022:

1. China (6.3K tons)
2. Netherlands (0.2K tons)
3. United States (0.1K tons)

Exports of Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 in Nigeria

In 2022, approx. 5.8K tons of flour and meal; of sago, roots or tubers of heading no. 0714 were exported from Nigeria; rising by 96% on the previous year. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 428% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, exports of flour and meal; of sago, roots or tubers of heading no. 0714 surged to $2.8M in 2022. In general, exports posted significant growth. The growth pace was the most rapid in 2021 when exports increased by 629%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Top Export Markets for Flour and Meal; of Sago, Roots or Tubers of Heading No. 0714 from Nigeria in 2022:

1. United Kingdom (2908.9 tons)
2. United States (1987.3 tons)
3. Ghana (301.6 tons)
4. Canada (141.3 tons)
5. Ireland (117.2 tons)

Source: IndexBox Market Intelligence Platform