Spices; Turmeric (Curcuma) Price in Nigeria - 2022
Contents:
- Spices; Turmeric (Curcuma) Price in Nigeria (CIF) - 2022
- Spices; Turmeric (Curcuma) Price in Nigeria (FOB) - 2022
- Spices; Turmeric (Curcuma) Imports in Nigeria
- Spices; Turmeric (Curcuma) Exports in Nigeria
Spices; Turmeric (Curcuma) Price in Nigeria (CIF) - 2022
The average spices; turmeric (curcuma) import price stood at $1,976 per ton in 2021, growing by 14% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 22% against the previous year. The import price peaked at $2,592 per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for India.
From 2012 to 2021, the rate of growth in terms of prices for South Africa amounted to +0.1% per year.
Spices; Turmeric (Curcuma) Price in Nigeria (FOB) - 2022
The average spices; turmeric (curcuma) export price stood at $1,258 per ton in 2021, picking up by 7.4% against the previous year. In general, the export price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2013 when the average export price increased by 86% against the previous year. As a result, the export price attained the peak level of $3,755 per ton. From 2014 to 2021, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($1,460 per ton), while the average price for exports to Saudi Arabia ($411 per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (-2.7%), while the prices for the other major destinations experienced a decline.
Spices; Turmeric (Curcuma) Imports in Nigeria
In 2022, imports of spices; turmeric (curcuma) into Nigeria expanded to 110 tons, increasing by 4.3% against the previous year's figure. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 9.2% against the previous year.
In value terms, spices; turmeric (curcuma) imports contracted rapidly to $43K in 2022. Over the period under review, imports, however, faced a significant decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 25% against the previous year. As a result, imports reached the peak of $209K, and then dropped markedly in the following year.
| Import of Spices; Turmeric (Curcuma) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| India | 185 | 160 | 202 | 4.5% | |
| South Africa | 21.7 | 0.4 | N/A | -98.2% | |
| Others | N/A | 6.5 | 6.3 | -3.1% | |
| Total | 207 | 167 | 209 | 0.5% | |
Top Suppliers of Spices; Turmeric (Curcuma) to Nigeria in 2022:
- India (104.3 tons)
Spices; Turmeric (Curcuma) Exports in Nigeria
In 2022, the amount of spices; turmeric (curcuma) exported from Nigeria surged to 541 tons, increasing by 356% compared with the previous year's figure. Overall, exports showed modest growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, spices; turmeric (curcuma) exports surged to $668K in 2022. Over the period under review, exports showed notable growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Spices; Turmeric (Curcuma) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| India | 239 | 536 | 124 | -28.0% | |
| Morocco | N/A | N/A | 17.4 | 0% | |
| Saudi Arabia | N/A | N/A | 8.2 | 0% | |
| Germany | 106 | 23.7 | N/A | -77.6% | |
| United States | 146 | 33.5 | N/A | -77.1% | |
| Others | -490.3 | 18.3 | N/A | -103.7% | |
| Total | N/A | 611 | 149 | -75.6% | |
Top Export Markets for Spices; Turmeric (Curcuma) from Nigeria in 2022:
- India (84.6 tons)
- Saudi Arabia (20.0 tons)
- Morocco (14.0 tons)
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