Spices; Saffron Price in Nigeria - 2022
Contents:
- Spices; Saffron Price in Nigeria (FOB) - 2022
- Spices; Saffron Price in Nigeria (CIF) - 2022
- Spices; Saffron Exports in Nigeria
- Spices; Saffron Imports in Nigeria
Spices; Saffron Price in Nigeria (FOB) - 2022
In 2022, the average spices; saffron export price amounted to $8,322 per ton, growing by 290% against the previous year. Over the period under review, the export price, however, continues to indicate a sharp decline. The growth pace was the most rapid in 2014 when the average export price increased by 10,589%. As a result, the export price attained the peak level of $1,598 per kg. From 2015 to 2022, the average export prices remained at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($35,543 per ton), while the average price for exports to India ($1,044 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 India (+7.6%), while the prices for the other major destinations experienced a decline.
Spices; Saffron Price in Nigeria (CIF) - 2022
The average spices; saffron import price stood at $18,104 per ton in 2022, shrinking by -52.9% against the previous year. In general, the import price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2021 an increase of 95%. The import price peaked at $60,495 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.
As there is only one major supplying country, the average price level is determined by prices for the UK.
From 2012 to 2022, the rate of growth in terms of prices for the UK amounted to -6.0% per year.
Spices; Saffron Exports in Nigeria
In 2022, after three years of growth, there was significant decline in overseas shipments of spices; saffra, when their volume decreased by -74% to 138 tons. In general, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 647%.
In value terms, spices; saffron exports stood at $1.1M in 2022. Overall, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 526% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.
| Export of Spices; Saffron in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Arab Emirates | 22.7 | 68.7 | 536 | 971 | 249.7% |
| India | N/A | 60.7 | 266 | 109 | 34.0% |
| Germany | 8.5 | 24.2 | 32.5 | 59.0 | 90.8% |
| Russia | N/A | N/A | 16.3 | N/A | 0% |
| China | N/A | N/A | 40.7 | N/A | 0% |
| Egypt | N/A | 26.4 | 130 | N/A | 392.4% |
| Netherlands | N/A | N/A | 23.6 | N/A | 0% |
| Saudi Arabia | N/A | N/A | 82.6 | N/A | 0% |
| Others | 14.3 | 0.3 | 0.9 | 5.5 | -27.3% |
| Total | 45.6 | 180 | 1,128 | 1,145 | 192.8% |
Top Export Markets for Spices; Saffron from Nigeria in 2022:
- India (104.4 tons)
- United Arab Emirates (27.3 tons)
- Germany (3.3 tons)
Spices; Saffron Imports in Nigeria
In 2022, imports of spices; saffra into Nigeria rose markedly to 3 tons, growing by 12% against 2021. Overall, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2021 when imports increased by 842% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.
In value terms, spices; saffron imports contracted remarkably to $55K in 2022. Over the period under review, imports posted a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 1,734% against the previous year. As a result, imports reached the peak of $104K, and then dropped significantly in the following year.
| Import of Spices; Saffron in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 7.8 | 4.9 | 42.0 | 53.2 | 89.6% |
| United States | N/A | N/A | 61.0 | N/A | 0% |
| Others | 1.7 | 0.7 | 1.3 | 1.8 | 1.9% |
| Total | 9.5 | 5.7 | 104 | 55.0 | 79.6% |
Top Suppliers of Spices; Saffron to Nigeria in 2022:
- United Kingdom (3.0 tons)
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