Seals; Mechanical Price in Nigeria - 2022

Seals; Mechanical Price in Nigeria (CIF) - 2022

In June 2022, the average seals; mechanical import price amounted to $306 per thousand units, picking up by 20% against the previous month. In general, the import price recorded a strong expansion. The growth pace was the most rapid in September 2021 when the average import price increased by 63% month-to-month. Over the period under review, average import prices attained the maximum in June 2022.

Prices varied noticeably by the country of origin: the country with the highest price was Germany ($313 per thousand units), while the price for China ($136 per thousand units) was amongst the lowest.

From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by India (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Seals; Mechanical Price in Nigeria (FOB) - 2022

The average seals; mechanical export price stood at $2.4 per unit in 2022, which is down by -56.8% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 173% against the previous year. As a result, the export price attained the peak level of $5.6 per unit, and then reduced sharply in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($12 per unit), while the average price for exports to Angola ($0.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+32.1%), while the prices for the other major destinations experienced more modest paces of growth.

Seals; Mechanical Imports in Nigeria

In 2022, overseas purchases of seals; mechanicals decreased by -34.3% to 26M units for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 275% against the previous year. Over the period under review, imports reached the maximum at 40M units in 2021, and then reduced rapidly in the following year.

In value terms, seals; mechanical imports skyrocketed to $52M in 2022. Over the period under review, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 88% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Import of Seals; Mechanical in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
South Africa	3.7	6.0	4.3	11.5	45.9%
United Arab Emirates	0.6	2.1	5.1	7.7	134.1%
United Kingdom	1.1	2.6	1.5	7.3	87.9%
Germany	2.3	5.6	5.3	6.3	39.9%
France	0.9	1.1	3.1	5.2	79.4%
Barbados	0.5	0.5	1.2	1.9	56.0%
United States	2.6	2.5	2.2	1.8	-11.5%
Netherlands	3.2	1.5	0.8	1.6	-20.6%
Italy	0.9	1.9	2.4	1.2	10.1%
India	0.3	0.8	2.6	1.1	54.2%
China	1.2	9.0	9.4	0.9	-9.1%
Taiwan (Chinese)	0.1	0.2	0.6	0.8	100.0%
Belgium	0.6	0.9	1.0	0.4	-12.6%
Others	1.5	2.2	2.2	4.3	42.1%
Total	19.5	36.8	41.6	52.0	38.7%

Top Suppliers of Seals; Mechanical to Nigeria in 2022:

United Arab Emirates (3.4M units)
United Kingdom (3.3M units)
South Africa (3.1M units)
France (2.5M units)
China (2.4M units)
Barbados (2.0M units)
India (1.7M units)
Netherlands (1.4M units)
Taiwan (Chinese) (1.4M units)
United States (1.1M units)
Germany (0.9M units)
Italy (0.3M units)
Belgium (0.3M units)

Seals; Mechanical Exports in Nigeria

In 2022, after two years of decline, there was significant growth in overseas shipments of seals; mechanicals, when their volume increased by 134% to 160K units. Overall, exports, however, continue to indicate a deep slump. Over the period under review, the exports reached the peak figure at 273K units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, seals; mechanical exports amounted to $385K in 2022. In general, exports, however, continue to indicate a abrupt decrease. The exports peaked at $652K in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Export of Seals; Mechanical in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Germany	43.5	64.5	158	129	43.7%
Cote d'Ivoire	55.4	114	113	101	22.2%
Angola	232	148	32.8	90.1	-27.0%
Netherlands	159	13.3	14.8	14.8	-54.7%
Others	162	48.6	62.2	50.0	-32.4%
Total	652	388	381	385	-16.1%