Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria - 2022

Contents:

1. Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria (CIF) - 2022
2. Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria (FOB) - 2022
3. Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria
4. Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria

Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria (CIF) - 2022

The average import price for refrigerating or freezing equipment; parts thereof, other than furniture stood at $19 per unit in 2022, shrinking by -4.2% against the previous year. In general, the import price, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 an increase of 100%. Over the period under review, average import prices attained the maximum at $47 per unit 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 France ($69 per unit), while the price for China ($9.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria (FOB) - 2022

In 2022, the average export price for refrigerating or freezing equipment; parts thereof, other than furniture amounted to $11 per unit, waning by -36.7% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 292% against the previous year. The export price peaked at $24 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($8.9 per unit), while the average price for exports to Niger amounted to $8.2 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+1.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria

In 2022, approx. 318K units of refrigerating or freezing equipment; parts thereof, other than furniture were imported into Nigeria; with an increase of 7.6% compared with the year before. The total import volume increased at an average annual rate of +3.8% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 13%. As a result, imports reached the peak of 323K units. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of refrigerating or freezing equipment; parts thereof, other than furniture rose modestly to $5.9M in 2022. The total import value increased at an average annual rate of +7.7% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 31% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are likely to see steady growth in years to come.

Top Suppliers of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture to Nigeria in 2022:

1. China (183.1K units)
2. India (40.4K units)
3. United Kingdom (22.4K units)
4. United Arab Emirates (21.2K units)
5. Turkey (13.2K units)
6. France (7.1K units)
7. Belgium (7.1K units)

Exports of Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture in Nigeria

After three years of growth, overseas shipments of refrigerating or freezing equipment; parts thereof, other than furniture decreased by -65.6% to 4.5K units in 2022. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 94% against the previous year. As a result, the exports reached the peak of 13K units, and then fell significantly in the following year.

In value terms, exports of refrigerating or freezing equipment; parts thereof, other than furniture plummeted to $50K in 2022. Overall, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 661% against the previous year. As a result, the exports attained the peak of $232K, and then declined remarkably in the following year.

Top Export Markets for Refrigerating or Freezing Equipment; Parts Thereof, Other than Furniture from Nigeria in 2022:

1. Niger (2.2K units)
2. Benin (2.2K units)

Source: IndexBox Market Intelligence Platform