Price for Spices; Ginger, Crushed or Ground in Nigeria - 2022
Contents:
- Price for Spices; Ginger, Crushed or Ground in Nigeria (FOB) - 2022
- Price for Spices; Ginger, Crushed or Ground in Nigeria (CIF) - 2022
- Exports of Spices; Ginger, Crushed or Ground in Nigeria
- Imports of Spices; Ginger, Crushed or Ground in Nigeria
Price for Spices; Ginger, Crushed or Ground in Nigeria (FOB) - 2022
In 2022, the average export price for spices; ginger, crushed or ground amounted to $615 per ton, declining by -30.8% against the previous year. Over the period under review, the export price continues to indicate a sharp downturn. The most prominent rate of growth was recorded in 2020 an increase of 20%. Over the period under review, the average export prices hit record highs at $4,338 per ton in 2015; however, from 2016 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 Spain ($1,180 per ton), while the average price for exports to the United Arab Emirates ($262 per ton) was amongst the lowest.
From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (-15.6%), while the prices for the other major destinations experienced a decline.
Price for Spices; Ginger, Crushed or Ground in Nigeria (CIF) - 2022
In 2022, the average import price for spices; ginger, crushed or ground amounted to $1,665 per ton, waning by -9% against the previous year. Overall, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 an increase of 48%. As a result, import price attained the peak level of $4,603 per ton. From 2017 to 2022, the average import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($16,675 per ton), while the price for the UK ($414 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+15.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Spices; Ginger, Crushed or Ground in Nigeria
For the fourth consecutive year, Nigeria recorded growth in overseas shipments of spices; ginger, crushed or ground, which increased by 284% to 17K tons in 2022. Overall, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 714% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.
In value terms, spices; ginger, crushed or ground exports soared to $11M in 2022. Over the period under review, exports saw significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 875%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.
| Export of Spices; Ginger, Crushed or Ground in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 81.0 | 471 | 117 | 5,305 | 303.1% |
| India | 3.8 | 77.3 | 345 | 841 | 504.9% |
| United Arab Emirates | 11.7 | 103 | 233 | 567 | 264.6% |
| Spain | 6.8 | 56.2 | 158 | 442 | 302.1% |
| United Kingdom | 3.7 | 27.3 | 55.9 | 438 | 391.0% |
| United States | 8.6 | 9.8 | 62.8 | 428 | 267.8% |
| Netherlands | 0.8 | 27.5 | 49.0 | 276 | 601.4% |
| Russia | 5.0 | 126 | 84.1 | 205 | 244.8% |
| China | 0.9 | 14.4 | 74.1 | 181 | 485.9% |
| Pakistan | 1.0 | 18.6 | 60.6 | 148 | 429.0% |
| Others | 69.0 | 942 | 2,794 | 1,903 | 202.1% |
| Total | 192 | 1,873 | 4,035 | 10,733 | 282.4% |
Top Export Markets for Spices; Ginger, Crushed or Ground from Nigeria in 2022:
- Germany (9.0K tons)
- United Arab Emirates (2.2K tons)
- India (1.5K tons)
- United States (0.5K tons)
- China (0.5K tons)
- United Kingdom (0.4K tons)
- Russia (0.4K tons)
- Spain (0.4K tons)
- Pakistan (0.3K tons)
- Netherlands (0.3K tons)
Imports of Spices; Ginger, Crushed or Ground in Nigeria
Spices; ginger, crushed or ground imports into Nigeria skyrocketed to 73 tons in 2022, rising by 50% against the previous year. Over the period under review, imports showed a significant increase. The growth pace was the most rapid in 2020 when imports increased by 2,793% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.
In value terms, spices; ginger, crushed or ground imports skyrocketed to $122K in 2022. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by 2,116% against the previous year. As a result, imports reached the peak of $155K. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Spices; Ginger, Crushed or Ground in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 1.5 | 67.1 | 11.1 | 54.1 | 230.4% |
| Germany | 1.1 | 15.4 | 27.6 | 27.9 | 193.8% |
| China | 3.3 | 9.0 | 24.7 | 26.4 | 100.0% |
| Lebanon | 0.4 | 1.4 | 10.3 | 10.4 | 196.2% |
| United Kingdom | 0.4 | 0.6 | 1.7 | 1.7 | 62.0% |
| Pakistan | 0.3 | 1.0 | 0.2 | 1.1 | 54.2% |
| United Arab Emirates | N/A | 60.1 | N/A | N/A | 0% |
| Turkey | N/A | N/A | 13.7 | N/A | 0% |
| Others | 0.1 | 0.3 | 0.4 | 0.6 | 81.7% |
| Total | 7.0 | 155 | 89.6 | 122 | 159.3% |
Top Suppliers of Spices; Ginger, Crushed or Ground to Nigeria in 2022:
- India (34.7 tons)
- China (29.1 tons)
- United Kingdom (4.1 tons)
- Lebanon (2.4 tons)
- Germany (1.7 tons)
- Pakistan (1.1 tons)
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