Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria - 2022
Contents:
- Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria (CIF) - 2022
- Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria (FOB) - 2022
- Imports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria
- Exports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria
Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria (CIF) - 2022
The average import price for raw cane sugar (without flavoring or coloring matter, other) stood at $2,314 per ton in 2022, surging by 59% against the previous year. In general, the import price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 144%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in the immediate term.
As there is only one major supplying country, the average price level is determined by prices for Brazil.
From 2015 to 2022, the rate of growth in terms of prices for Brazil amounted to +16.4% per year.
Price for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria (FOB) - 2022
In 2022, the average export price for raw cane sugar (without flavoring or coloring matter, other) amounted to $743 per ton, picking up by 11% against the previous year. Over the period under review, the export price saw a temperate expansion. The most prominent rate of growth was recorded in 2018 an increase of 117%. The export price peaked at $1,765 per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.
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 Niger ($743 per ton), while the average price for exports to South Africa ($127 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 Niger (+5.2%), while the prices for the other major destinations experienced a decline.
Imports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria
In 2022, supplies from abroad of raw cane sugar (without flavoring or coloring matter, other) decreased by -31.4% to 421K tons, falling for the second consecutive year after two years of growth. Overall, imports saw a dramatic slump. The most prominent rate of growth was recorded in 2020 with an increase of 47% against the previous year. As a result, imports attained the peak of 1.2M tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of raw cane sugar (without flavoring or coloring matter, other) expanded significantly to $975M in 2022. Over the period under review, imports, however, showed a significant increase. The growth pace was the most rapid in 2020 with an increase of 59%. Over the period under review, imports of reached the maximum in 2022 and are expected to retain growth in the near future.
| Import of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Brazil | 463 | 735 | 882 | 975 | 28.2% |
| Others | 0.1 | 0.3 | 12.6 | N/A | 1022.5% |
| Total | 463 | 735 | 895 | 975 | 28.2% |
Top Suppliers of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) to Nigeria in 2022:
- Brazil (421.4K tons)
Exports of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria
In 2022, shipments abroad of raw cane sugar (without flavoring or coloring matter, other) decreased by -19.9% to 3.6 tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 189%.
In value terms, exports of raw cane sugar (without flavoring or coloring matter, other) dropped to $2.7K in 2022. Overall, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +17.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 41%.
| Export of Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Niger | 1,219 | 1,870 | 2,773 | 2,545 | 27.8% |
| Benin | N/A | N/A | N/A | 25.0 | 0% |
| South Africa | 8.0 | 37.0 | 38.0 | 13.0 | 17.6% |
| Others | 430 | 434 | 213 | 98.0 | -38.9% |
| Total | 1,657 | 2,341 | 3,024 | 2,681 | 17.4% |
Top Export Markets for Raw Cane Sugar (Without Flavoring or Coloring Matter, Other) from Nigeria in 2022:
- Niger (3423.0 kg)
- South Africa (102.0 kg)
- Benin (64.0 kg)
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