Carbonates; Potassium Carbonate Price in Nigeria - 2022

Carbonates; Potassium Carbonate Price in Nigeria (CIF) - 2022

In 2022, the average carbonates; potassium carbonate import price amounted to $989 per ton, with a decrease of -20.4% against the previous year. In general, the import price saw a abrupt slump. The most prominent rate of growth was recorded in 2020 an increase of 45% against the previous year. Over the period under review, average import prices reached the maximum at $1,802 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($1,469 per ton), while the price for Italy ($536 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+18.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Carbonates; Potassium Carbonate Price in Nigeria (FOB) - 2022

In 2022, the average carbonates; potassium carbonate export price amounted to $938 per ton, growing by 53% against the previous year. Over the period under review, the export price, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2014 an increase of 108% against the previous year. Over the period under review, the average export prices hit record highs at $11,445 per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($13,589 per ton), while the average price for exports to Benin stood at $589 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+26.4%).

Carbonates; Potassium Carbonate Imports in Nigeria

In 2022, the amount of carbonates; potassium carbonates imported into Nigeria soared to 577 tons, rising by 26% compared with the year before. In general, imports, however, continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2020 when imports increased by 52% against the previous year. As a result, imports reached the peak of 3K tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, carbonates; potassium carbonate imports fell to $571K in 2022. Over the period under review, imports, however, recorded a dramatic slump. The most prominent rate of growth was recorded in 2020 when imports increased by 120% against the previous year. As a result, imports attained the peak of $3.7M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Import of Carbonates; Potassium Carbonate in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	868	1,418	311	354	-25.8%
Germany	165	192	19.4	62.5	-27.6%
Ireland	111	105	43.9	18.0	-45.5%
Italy	65.3	348	37.7	14.1	-40.0%
Spain	144	204	30.1	12.3	-56.0%
United States	36.6	45.5	22.4	10.7	-33.6%
Russia	197	N/A	N/A	N/A	0%
Turkey	N/A	1,194	N/A	N/A	0%
Others	88.1	175	107	98.9	3.9%
Total	1,674	3,682	571	571	-30.1%

Top Suppliers of Carbonates; Potassium Carbonate to Nigeria in 2022:

China (285.7 tons)
Germany (44.1 tons)
Italy (26.3 tons)
Spain (15.1 tons)
Ireland (12.2 tons)
United States (10.3 tons)

Carbonates; Potassium Carbonate Exports in Nigeria

In 2022, after three years of growth, there was significant decline in shipments abroad of carbonates; potassium carbonates, when their volume decreased by -26.8% to 243 kg. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 710% against the previous year. As a result, the exports reached the peak of 332 kg, and then contracted notably in the following year.

In value terms, carbonates; potassium carbonate exports rose rapidly to $228 in 2022. Over the period under review, total exports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +21.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -10.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 100% against the previous year. As a result, the exports reached the peak of $254. From 2021 to 2022, the growth of the exports failed to regain momentum.