Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Nigeria - 2023
Contents:
- Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Nigeria (CIF) - 2023
- Imports of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Nigeria
Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Nigeria (CIF) - 2023
In December 2023, the average import price for machines and mechanical appliances; parts, of those having individual functionses amounted to $10,638 per ton, falling by -19.5% against the previous month. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in October 2023 an increase of 375% against the previous month. As a result, import price reached the peak level of $19,046 per ton. From November 2023 to December 2023, the average import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was the United States ($47,374 per ton), while the price for China ($2,481 per ton) was amongst the lowest.
From January 2023 to December 2023, the most notable rate of growth in terms of prices was attained by South Korea (+25.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Nigeria
In 2022, the amount of machines and mechanical appliances; parts, of those having individual functionses imported into Nigeria soared to 3.8K tons, with an increase of 33% compared with the previous year. Overall, total imports indicated a temperate increase from 2019 to 2022: its volume increased at an average annual rate of +2.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -29.9% against 2020 indices. The pace of growth was the most pronounced in 2020 when imports increased by 55%. As a result, imports reached the peak of 5.4K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of machines and mechanical appliances; parts, of those having individual functionses soared to $38M in 2022. The total import value increased at an average annual rate of +10.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3.6 | 5.1 | 2.8 | 5.9 | 17.9% |
| India | 3.0 | 2.7 | 4.7 | 5.3 | 20.9% |
| Germany | 3.1 | 3.4 | 5.5 | 3.9 | 8.0% |
| United Kingdom | 4.0 | 2.4 | 2.4 | 3.4 | -5.3% |
| France | 0.5 | 2.5 | 0.9 | 3.0 | 81.7% |
| Italy | 4.2 | 2.0 | 1.8 | 2.6 | -14.8% |
| United States | 2.1 | 3.0 | 1.6 | 2.2 | 1.6% |
| South Korea | 0.3 | 0.6 | 0.1 | 1.2 | 58.7% |
| Belgium | 1.1 | 1.9 | 0.8 | 1.1 | 0.0% |
| Netherlands | 0.3 | 0.5 | 0.6 | 1.0 | 49.4% |
| United Arab Emirates | 0.3 | 0.2 | 0.4 | 0.7 | 32.6% |
| Turkey | 0.7 | 0.3 | 0.3 | 0.6 | -5.0% |
| South Africa | 0.7 | 1.1 | 0.9 | 0.5 | -10.6% |
| Others | 4.2 | 5.7 | 6.1 | 6.7 | 16.8% |
| Total | 28.3 | 31.3 | 28.8 | 37.9 | 10.2% |
Top Suppliers of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions to Nigeria in 2022:
- China (1315.4 tons)
- India (711.5 tons)
- Germany (226.3 tons)
- United Kingdom (224.1 tons)
- South Korea (209.7 tons)
- United States (136.0 tons)
- Italy (116.7 tons)
- Netherlands (87.9 tons)
- Turkey (79.6 tons)
- France (79.6 tons)
- South Africa (77.0 tons)
- Belgium (66.0 tons)
- United Arab Emirates (60.2 tons)
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