Price for New Pneumatic Tyres, of Rubber in Nigeria - 2022

Contents:

1. Price for New Pneumatic Tyres, of Rubber in Nigeria (CIF) - 2022
2. Price for New Pneumatic Tyres, of Rubber in Nigeria (FOB) - 2022
3. Imports of New Pneumatic Tyres, of Rubber in Nigeria
4. Exports of New Pneumatic Tyres, of Rubber in Nigeria

Price for New Pneumatic Tyres, of Rubber in Nigeria (CIF) - 2022

The average import price for new pneumatic tyres, of rubbers stood at $43 per unit in 2022, increasing by 1.6% against the previous year. In general, the import price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of 160% against the previous year. The import price peaked at $65 per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($50 per unit), while the price for India totaled $11 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for New Pneumatic Tyres, of Rubber in Nigeria (FOB) - 2022

In 2022, the average export price for new pneumatic tyres, of rubbers amounted to $62 per unit, shrinking by -13.4% against the previous year. Overall, the export price recorded a abrupt shrinkage. The growth pace was the most rapid in 2021 an increase of 37%. Over the period under review, the average export prices attained the peak figure at $329 per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($64 per unit), while the average price for exports to Sao Tome and Principe ($26 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-10.1%), while the prices for the other major destinations experienced a decline.

Imports of New Pneumatic Tyres, of Rubber in Nigeria

New pneumatic tyres, of rubber imports into Nigeria contracted rapidly to 1.2M units in 2022, shrinking by -28.6% compared with 2021. Overall, imports showed a sharp decline. The most prominent rate of growth was recorded in 2021 when imports increased by 141%. Imports peaked at 7.2M units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, new pneumatic tyres, of rubber imports declined remarkably to $51M in 2022. In general, imports showed a precipitous decrease. The most prominent rate of growth was recorded in 2021 with an increase of 122%. Imports peaked at $454M in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Top Suppliers of New Pneumatic Tyres, of Rubber to Nigeria in 2022:

1. China (869.5K units)
2. India (209.6K units)
3. Japan (16.0K units)

Exports of New Pneumatic Tyres, of Rubber in Nigeria

In 2022, shipments abroad of new pneumatic tyres, of rubbers was finally on the rise to reach 3.3K units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a dramatic shrinkage. The exports peaked at 8.7K units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, new pneumatic tyres, of rubber exports shrank to $201K in 2022. Over the period under review, exports, however, saw a sharp shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by 35%. The exports peaked at $686K in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Top Export Markets for New Pneumatic Tyres, of Rubber from Nigeria in 2022:

1. Niger (1831.0 units)
2. Benin (1188.0 units)
3. Sao Tome and Principe (205.0 units)

Source: IndexBox Market Intelligence Platform