Price for Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria - 2023
Contents:
- Price for Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria (CIF) - 2022
- Price for Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria (FOB) - 2022
- Imports of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria
- Exports of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria
Price for Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria (CIF) - 2022
The average import price for synthetic staple fibres, carded, combed or otherwise processed for spinnings stood at $2,506 per ton in 2022, surging by 10% against the previous year. Overall, the import price, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 an increase of 22% against the previous year. Over the period under review, average import prices reached the maximum at $4,323 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($4,927 per ton), while the price for Hong Kong SAR ($395 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+19.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria (FOB) - 2022
In 2022, the average export price for synthetic staple fibres, carded, combed or otherwise processed for spinnings amounted to $1,659 per ton, increasing by 105% against the previous year. In general, the export price, however, saw a abrupt downturn. Over the period under review, the average export prices attained the maximum at $9,133 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.
Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Morocco ($1,673 per ton), while the average price for exports to Benin ($1,286 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 Senegal (-3.4%).
Imports of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria
After three years of growth, overseas purchases of synthetic staple fibres, carded, combed or otherwise processed for spinnings decreased by -53.7% to 1K tons in 2022. Over the period under review, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 79%.
In value terms, imports of synthetic staple fibres, carded, combed or otherwise processed for spinnings declined rapidly to $2.5M in 2022. Overall, imports faced a deep slump. The growth pace was the most rapid in 2020 with an increase of 43%. As a result, imports attained the peak of $5.5M. From 2021 to 2022, the growth of imports of remained at a lower figure.
| Import of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Turkey | 3,341 | 3,382 | 2,970 | 1,264 | -27.7% |
| Thailand | 7.8 | 341 | 472 | 719 | 351.7% |
| China | 203 | 499 | 1,400 | 322 | 16.6% |
| Kenya | N/A | 24.9 | N/A | 88.5 | 88.5% |
| India | 28.4 | 1,202 | N/A | 71.8 | 36.2% |
| Hong Kong SAR | N/A | N/A | N/A | 49.9 | 0% |
| Others | 276 | 82.7 | 74.0 | 1.2 | -83.7% |
| Total | 3,855 | 5,531 | 4,916 | 2,517 | -13.2% |
Top Suppliers of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning to Nigeria in 2022:
- China (366.8 tons)
- Turkey (284.6 tons)
- Thailand (155.4 tons)
- Hong Kong SAR (126.2 tons)
- Kenya (57.0 tons)
- India (14.6 tons)
Exports of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria
For the fourth consecutive year, Nigeria recorded growth in overseas shipments of synthetic staple fibres, carded, combed or otherwise processed for spinnings, which increased by 5% to 72 tons in 2022. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 165%. The exports peaked in 2022 and are likely to see steady growth in the near future.
In value terms, exports of synthetic staple fibres, carded, combed or otherwise processed for spinnings surged to $120K in 2022. In general, exports posted buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Morocco | N/A | N/A | N/A | 79.6 | 0% |
| Tunisia | N/A | N/A | N/A | 39.5 | 0% |
| Benin | 5.2 | 32.9 | 24.9 | 0.5 | -54.2% |
| Burkina Faso | N/A | 5.8 | N/A | N/A | 0% |
| Cameroon | N/A | N/A | 1.1 | N/A | 0% |
| Senegal | 82.5 | N/A | N/A | N/A | 0% |
| United Arab Emirates | N/A | N/A | 29.4 | N/A | 0% |
| Others | 0.1 | 1.4 | N/A | N/A | 1300.0% |
| Total | 87.9 | 40.0 | 55.5 | 120 | 10.9% |
Top Export Markets for Synthetic Staple Fibres, Carded, Combed or Otherwise Processed for Spinning from Nigeria in 2022:
- Morocco (47.6 tons)
- Tunisia (24.1 tons)
- Benin (0.4 tons)
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