Price for Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria - 2022
Contents:
- Price for Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria (CIF) - 2022
- Price for Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria (FOB) - 2022
- Imports of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria
- Exports of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria
Price for Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria (CIF) - 2022
In 2022, the average import price for vegetable oils; linseed oil and its fractions, crude, not chemically modifieds amounted to $1,376 per ton, shrinking by -8.8% against the previous year. Over the last decade, it increased at an average annual rate of +5.3%. The pace of growth was the most pronounced in 2013 when the average import price increased by 78%. The import price peaked at $1,510 per ton in 2021, and then fell in the following year.
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 India ($3,060 per ton), while the price for Singapore amounted to $1,258 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+16.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria (FOB) - 2022
The average export price for vegetable oils; linseed oil and its fractions, crude, not chemically modifieds stood at $818 per ton in 2022, surging by 36% against the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the average export price increased by 57% against the previous year. As a result, the export price reached the peak level of $1,000 per ton. From 2016 to 2022, the average export prices failed to regain momentum.
Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Denmark ($1,000 per ton), while the average price for exports to Belgium ($667 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 South Africa (+7.2%).
Imports of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria
In 2022, supplies from abroad of vegetable oils; linseed oil and its fractions, crude, not chemically modifieds decreased by -17.5% to 312 tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 4,957% against the previous year.
In value terms, imports of vegetable oils; linseed oil and its fractions, crude, not chemically modifieds contracted markedly to $429K in 2022. Overall, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 4,777% against the previous year.
| Import of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 4.3 | 247 | 43.3 | 384 | 347.0% |
| India | 0.1 | 9.0 | 1.8 | 16.3 | 446.3% |
| United Arab Emirates | N/A | N/A | 493 | N/A | 0% |
| Lebanon | N/A | N/A | 6.6 | N/A | 0% |
| Indonesia | N/A | N/A | 4.5 | N/A | 0% |
| Turkey | N/A | N/A | 18.1 | N/A | 0% |
| Others | 1.5 | 32.5 | 3.1 | 28.8 | 167.8% |
| Total | 5.9 | 288 | 571 | 429 | 317.4% |
Top Suppliers of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified to Nigeria in 2022:
- Singapore (305.6 tons)
- India (5.3 tons)
Exports of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria
After three years of growth, shipments abroad of vegetable oils; linseed oil and its fractions, crude, not chemically modifieds decreased by -26.7% to 11 kg in 2022. Overall, total exports indicated a prominent increase from 2019 to 2022: its volume increased at an average annual rate of +6.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +22.2% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 50% against the previous year. As a result, the exports attained the peak of 15 kg, and then reduced dramatically in the following year.
In value terms, exports of vegetable oils; linseed oil and its fractions, crude, not chemically modifieds amounted to $9 in 2022. In general, total exports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +14.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.0% against 2019 indices. The pace of growth was the most pronounced in 2021 when exports increased by 29% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.
| Export of Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Belgium | N/A | N/A | N/A | 2.0 | 0% |
| Denmark | N/A | N/A | N/A | 2.0 | 0% |
| South Africa | 6.0 | 7.0 | 9.0 | 1.0 | -45.0% |
| Others | N/A | N/A | N/A | 4.0 | 0% |
| Total | 6.0 | 7.0 | 9.0 | 9.0 | 14.5% |
Top Export Markets for Vegetable Oils; Linseed Oil and Its Fractions, Crude, Not Chemically Modified from Nigeria in 2022:
- Belgium (3.0 kg)
- Denmark (2.0 kg)
- South Africa (1.0 kg)
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