Price for Cocoa; Paste, Not Defatted in Nigeria - 2021

Price for Cocoa; Paste, Not Defatted in Nigeria (FOB) - 2022

The average cocoa; paste, not defatted export price stood at $285 per ton in 2022, which is down by -42.8% against the previous year. Overall, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2021 an increase of 1.7% against the previous year. Over the period under review, the average export prices attained the peak figure at $2,352 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($1,188 per ton), while the average price for exports to France ($200 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 Russia (-5.4%), while the prices for the other major destinations experienced a decline.

Price for Cocoa; Paste, Not Defatted in Nigeria (CIF) - 2022

The average cocoa; paste, not defatted import price stood at $2,663 per ton in 2022, stabilizing at the previous year. Overall, the import price showed a deep contraction. The pace of growth appeared the most rapid in 2015 an increase of 3,283% against the previous year. The import price peaked at $23,231 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -6.7% per year.

Exports of Cocoa; Paste, Not Defatted in Nigeria

For the fourth year in a row, Nigeria recorded growth in overseas shipments of cocoa; paste, not defatteds, which increased by 33% to 91K tons in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 89%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, cocoa; paste, not defatted exports fell sharply to $26M in 2022. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 92% against the previous year. As a result, the exports reached the peak of $34M, and then reduced markedly in the following year.

Export of Cocoa; Paste, Not Defatted in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
France	4.9	8.2	13.2	16.6	50.2%
China	0.8	1.4	2.3	2.8	51.8%
Netherlands	1.2	3.9	3.4	1.9	16.6%
Russia	1.8	1.0	0.2	1.7	-1.9%
Others	2.0	3.2	14.9	2.8	11.9%
Total	10.7	17.7	34.0	25.9	34.3%

Top Export Markets for Cocoa; Paste, Not Defatted from Nigeria in 2022:

France (82.8K tons)
China (2.4K tons)
Netherlands (1.9K tons)
Russia (1.5K tons)

Imports of Cocoa; Paste, Not Defatted in Nigeria

In 2022, after three years of growth, there was decline in supplies from abroad of cocoa; paste, not defatteds, when their volume decreased by -0.2% to 10 tons. Over the period under review, total imports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +19.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.6% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 68%.

In value terms, cocoa; paste, not defatted imports fell to $27K in 2022. Overall, total imports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +16.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.6% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 58%.