Price for Machinery; Parts of Machinery of Heading No. 8422 in Nigeria - 2022
Contents:
- Price for Machinery; Parts of Machinery of Heading No. 8422 in Nigeria (CIF) - 2022
- Price for Machinery; Parts of Machinery of Heading No. 8422 in Nigeria (FOB) - 2022
- Imports of Machinery; Parts of Machinery of Heading No. 8422 in Nigeria
- Exports of Machinery; Parts of Machinery of Heading No. 8422 in Nigeria
Price for Machinery; Parts of Machinery of Heading No. 8422 in Nigeria (CIF) - 2022
The average import price for machinery; parts of machinery of heading no. 8422 stood at $33,174 per ton in 2022, picking up by 5.3% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2014 an increase of 47%. The import price peaked at $103,637 per ton in 2016; however, from 2017 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 Italy ($138,033 per ton), while the price for China ($4,786 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Machinery; Parts of Machinery of Heading No. 8422 in Nigeria (FOB) - 2022
The average export price for machinery; parts of machinery of heading no. 8422 stood at $94,933 per ton in 2022, picking up by 96% against the previous year. Over the period under review, the export price recorded strong growth. The growth pace was the most rapid in 2016 when the average export price increased by 298%. The export price peaked in 2022 and is likely to continue growth in years to come.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($134,450 per ton), while the average price for exports to Spain ($7,223 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 Germany (+13.2%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Machinery; Parts of Machinery of Heading No. 8422 in Nigeria
In 2022, overseas purchases of machinery; parts of machinery of heading no. 8422 decreased by -6.2% to 743 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of 149% against the previous year. As a result, imports attained the peak of 1.4K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of machinery; parts of machinery of heading no. 8422 declined to $25M in 2022. Overall, imports saw a noticeable setback. The pace of growth appeared the most rapid in 2020 with an increase of 23% against the previous year. As a result, imports reached the peak of $34M. From 2021 to 2022, the growth of imports of remained at a lower figure.
| Import of Machinery; Parts of Machinery of Heading No. 8422 in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 12.1 | 15.1 | 10.2 | 6.5 | -18.7% |
| Italy | 6.2 | 3.9 | 4.8 | 4.5 | -10.1% |
| France | 0.9 | 1.1 | 0.9 | 4.5 | 71.0% |
| India | 1.4 | 3.4 | 1.7 | 2.1 | 14.5% |
| United Kingdom | 1.1 | 0.6 | 0.6 | 1.6 | 13.3% |
| China | 0.7 | 4.5 | 2.1 | 1.6 | 31.7% |
| Turkey | 0.3 | 0.4 | 0.3 | 0.4 | 10.1% |
| Others | 4.9 | 5.1 | 4.5 | 3.4 | -11.5% |
| Total | 27.7 | 34.2 | 24.9 | 24.7 | -3.7% |
Top Suppliers of Machinery; Parts of Machinery of Heading No. 8422 to Nigeria in 2022:
- China (340.4 tons)
- India (110.6 tons)
- Germany (83.2 tons)
- United Kingdom (51.2 tons)
- France (33.9 tons)
- Italy (32.4 tons)
- Turkey (18.4 tons)
Exports of Machinery; Parts of Machinery of Heading No. 8422 in Nigeria
Exports of machinery; parts of machinery of heading no. 8422 from Nigeria skyrocketed to 33 tons in 2022, growing by 362% compared with the previous year. Over the period under review, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, exports of machinery; parts of machinery of heading no. 8422 skyrocketed to $3.1M in 2022. In general, exports saw a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Machinery; Parts of Machinery of Heading No. 8422 in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | N/A | N/A | 41.5 | 3,038 | 7220.5% |
| Italy | 64.9 | 6.2 | 37.3 | 16.1 | -37.2% |
| Austria | 6.3 | 22.0 | 9.2 | 11.3 | 21.5% |
| Spain | N/A | 0.9 | 1.6 | 5.7 | 151.7% |
| Sweden | 38.1 | 15.4 | 29.8 | 0.4 | -78.1% |
| Cote d'Ivoire | 263 | 263 | 132 | N/A | -29.2% |
| Ghana | 158 | N/A | N/A | N/A | 0% |
| Others | 78.7 | 80.5 | 89.7 | 14.5 | -43.1% |
| Total | 609 | 388 | 341 | 3,086 | 71.8% |
Top Export Markets for Machinery; Parts of Machinery of Heading No. 8422 from Nigeria in 2022:
- Germany (30.8 tons)
- Spain (0.8 tons)
- Austria (0.6 tons)
- Italy (0.1 tons)
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