Price for Machinery; Parts of the Machinery of Heading No. 8427 in Nigeria - 2022
Contents:
- Price for Machinery; Parts of the Machinery of Heading No. 8427 in Nigeria (CIF) - 2022
- Imports of Machinery; Parts of the Machinery of Heading No. 8427 in Nigeria
Price for Machinery; Parts of the Machinery of Heading No. 8427 in Nigeria (CIF) - 2022
In 2022, the average import price for machinery; parts of the machinery of heading no. 8427 amounted to $6,063 per ton, shrinking by -6.1% against the previous year. Overall, the import price saw a abrupt descent. The pace of growth was the most pronounced in 2021 when the average import price increased by 27% against the previous year. The import price peaked at $15,253 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($28,056 per ton), while the price for Sri Lanka ($2,419 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-0.3%), while the prices for the other major suppliers experienced a decline.
Imports of Machinery; Parts of the Machinery of Heading No. 8427 in Nigeria
For the fourth year in a row, Nigeria recorded growth in supplies from abroad of machinery; parts of the machinery of heading no. 8427, which increased by 0.1% to 998 tons in 2022. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 96%. Over the period under review, imports of machinery; parts of machinery of heading no. 8427 hit record highs in 2022 and are expected to retain growth in years to come.
In value terms, imports of machinery; parts of the machinery of heading no. 8427 contracted to $6.1M in 2022. Overall, imports showed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 66%.
| Import of Machinery; Parts of the Machinery of Heading No. 8427 in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 995 | 1,707 | 1,021 | 1,353 | 10.8% |
| Italy | 468 | 333 | 1,084 | 679 | 13.2% |
| India | 23.3 | 74.8 | 410 | 640 | 201.7% |
| France | 213 | 155 | 464 | 561 | 38.1% |
| Germany | 63.0 | 91.2 | 635 | 422 | 88.5% |
| United States | 94.1 | 1,232 | 200 | 293 | 46.0% |
| Netherlands | 58.2 | 187 | 248 | 274 | 67.6% |
| South Africa | 23.7 | 12.2 | 74.2 | 234 | 114.5% |
| Japan | 119 | 167 | 246 | 234 | 25.3% |
| United Kingdom | 115 | 17.7 | 874 | 139 | 6.5% |
| South Korea | 1.3 | 10.0 | 203 | 89.8 | 310.3% |
| Sri Lanka | N/A | N/A | N/A | 49.7 | 0% |
| Others | 489 | 432 | 981 | 1,084 | 30.4% |
| Total | 2,663 | 4,418 | 6,440 | 6,053 | 31.5% |
Top Suppliers of Machinery; Parts of the Machinery of Heading No. 8427 to Nigeria in 2022:
- China (465.3 tons)
- India (107.5 tons)
- Italy (82.6 tons)
- South Africa (76.8 tons)
- Netherlands (40.0 tons)
- United States (36.2 tons)
- South Korea (25.7 tons)
- Germany (23.1 tons)
- Japan (21.0 tons)
- Sri Lanka (20.6 tons)
- France (20.0 tons)
- United Kingdom (15.2 tons)
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