Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc in Nigeria - 2022
Contents:
- Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc in Nigeria (CIF) - 2022
- Imports of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc in Nigeria
Price for Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc in Nigeria (CIF) - 2022
The average import price for vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity not exceeding 1000ccs stood at $13,272 per unit in June 2022, almost unchanged from the previous month. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in April 2022 when the average import price increased by 1.1% month-to-month. As a result, import price attained the peak level of $13,473 per unit; afterwards, it flattened through to June 2022.
Average prices varied noticeably amongst the major supplying countries. In June 2022, the highest price was recorded for prices from Belgium ($13,272 per unit) and Italy ($13,272 per unit), while the price for China ($13,272 per unit) and Germany ($13,272 per unit) were amongst the lowest.
From February 2022 to June 2022, the most notable rate of growth in terms of prices was attained by Italy (+0.0%), while the prices for the other major suppliers experienced a decline.
Imports of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc in Nigeria
For the third consecutive year, Nigeria recorded decline in supplies from abroad of vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity not exceeding 1000ccs, which decreased by -58.3% to 9.8K units in 2022. Over the period under review, imports showed a sharp setback. The smallest decline of -0.8% was in 2021. Imports peaked at 26K units in 2019; however, from 2020 to 2022, imports remained at a lower figure.
In value terms, imports of vehicles; spark-ignition internal combustion reciprocating piston engine, cylinder capacity not exceeding 1000ccs contracted dramatically to $131M in 2022. In general, imports continue to indicate a significant curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 1.7% against the previous year. As a result, imports reached the peak of $312M, and then dropped significantly in the following year.
| Import of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 129 | 118 | 62.6 | 64.0 | -20.8% |
| India | 0.3 | 90.9 | 221 | 44.4 | 429.0% |
| United Arab Emirates | 0.1 | 0.5 | 0.7 | 8.1 | 332.7% |
| China | 3.7 | 10.4 | 11.2 | 6.8 | 22.5% |
| Germany | 8.8 | 8.5 | 6.2 | 2.1 | -38.0% |
| Canada | 140 | 4.9 | 2.6 | 1.3 | -79.0% |
| Others | 26.9 | 73.8 | 8.5 | 4.5 | -44.9% |
| Total | 309 | 307 | 312 | 131 | -24.9% |
Top Suppliers of Vehicles; Spark-Ignition Internal Combustion Reciprocating Piston Engine, Cylinder Capacity Not Exceeding 1000cc to Nigeria in 2022:
- United States (4.8K units)
- India (3.3K units)
- United Arab Emirates (0.6K units)
- China (0.5K units)
- Germany (0.2K units)
- Canada (0.1K units)
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