Silver Jewelry Price in Nigeria - 2022
Contents:
- Silver Jewelry Price in Nigeria (CIF) - 2022
- Silver Jewelry Price in Nigeria (FOB) - 2022
- Silver Jewelry Imports in Nigeria
- Silver Jewelry Exports in Nigeria
Silver Jewelry Price in Nigeria (CIF) - 2022
The average silver jewelry import price stood at $1,044,558 per ton in 2022, increasing by 10% against the previous year. In general, the import price showed a buoyant expansion. The growth pace was the most rapid in 2014 an increase of 4,473%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.
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 Germany ($3,009,556 per ton), while the price for the United States ($171,929 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+22.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Silver Jewelry Price in Nigeria (FOB) - 2022
The average silver jewelry export price stood at $409,647 per ton in 2022, rising by 27% against the previous year. Over the period under review, the export price posted resilient growth. The pace of growth was the most pronounced in 2021 an increase of 185% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($2,438,000 per ton), while the average price for exports to Botswana ($1,000 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 Ireland (+32.3%), while the prices for the other major destinations experienced more modest paces of growth.
Silver Jewelry Imports in Nigeria
In 2022, the amount of silver jewelry imported into Nigeria dropped rapidly to 278 kg, which is down by -30% compared with 2021 figures. Overall, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2021 when imports increased by 48% against the previous year.
In value terms, silver jewelry imports contracted sharply to $290K in 2022. In general, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 114% against the previous year. As a result, imports attained the peak of $376K, and then dropped dramatically in the following year.
| Import of Silver Jewelry in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Turkey | 141 | 163 | 328 | 236 | 18.7% |
| Germany | 7.8 | 8.4 | 33.2 | 27.1 | 51.5% |
| United Kingdom | 0.2 | 0.1 | 0.7 | 11.3 | 283.7% |
| China | 1.9 | 0.3 | 4.2 | 5.9 | 45.9% |
| United States | 0.6 | 0.4 | 5.6 | 2.4 | 58.7% |
| Others | 51.9 | 3.3 | 4.4 | 7.8 | -46.8% |
| Total | 203 | 175 | 376 | 290 | 12.6% |
Top Suppliers of Silver Jewelry to Nigeria in 2022:
- Turkey (165.0 kg)
- United Kingdom (55.0 kg)
- China (15.0 kg)
- United States (14.0 kg)
- Germany (9.0 kg)
Silver Jewelry Exports in Nigeria
Silver jewelry exports from Nigeria fell rapidly to 34 kg in 2022, reducing by -51.4% compared with 2021. In general, exports showed a dramatic slump. The most prominent rate of growth was recorded in 2021 with an increase of 49%.
In value terms, silver jewelry exports declined sharply to $14K in 2022. Over the period under review, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 324%. As a result, the exports reached the peak of $23K, and then contracted remarkably in the following year.
| Export of Silver Jewelry in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 3,259 | 1,446 | 5,364 | 2,629 | -6.9% |
| France | 400 | 157 | 453 | 2,568 | 85.9% |
| Indonesia | 6,076 | 1,860 | 3,831 | 2,438 | -26.2% |
| Cote d'Ivoire | 5,461 | 328 | 3,207 | 1,566 | -34.1% |
| Ireland | 55.0 | 35.0 | 158 | 214 | 57.3% |
| South Africa | 11.0 | 126 | 443 | 45.0 | 59.9% |
| Canada | 84.0 | 1.0 | 733 | 42.0 | -20.6% |
| Rwanda | 439 | 110 | 197 | 42.0 | -54.3% |
| Benin | N/A | N/A | 84.0 | 35.0 | -58.3% |
| Niger | 62.0 | 21.0 | 50.0 | 21.0 | -30.3% |
| Germany | 40.0 | 17.0 | 52.0 | 16.0 | -26.3% |
| Netherlands | 43.0 | 11.0 | 21.0 | 5.0 | -51.2% |
| Botswana | 18.0 | 4.0 | 6.0 | 1.0 | -61.8% |
| Others | 5,707 | 1,197 | 7,948 | 4,306 | -9.0% |
| Total | 21,655 | 5,313 | 22,547 | 13,928 | -13.7% |
Top Export Markets for Silver Jewelry from Nigeria in 2022:
- Japan (6.0 kg)
- France (5.0 kg)
- Rwanda (4.0 kg)
- Cote d'Ivoire (3.0 kg)
- South Africa (2.0 kg)
- Canada (1.0 kg)
- Netherlands (1.0 kg)
- Indonesia (1.0 kg)
- Germany (1.0 kg)
- Ireland (1.0 kg)
- Niger (1.0 kg)
- Botswana (1.0 kg)
- Benin (1.0 kg)
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