Gum Arabic Price in Nigeria - 2022

Contents:

1. Gum Arabic Price in Nigeria (FOB) - 2022
2. Gum Arabic Price in Nigeria (CIF) - 2022
3. Gum Arabic Exports in Nigeria
4. Gum Arabic Imports in Nigeria

Gum Arabic Price in Nigeria (FOB) - 2022

In 2022, the average gum arabic export price amounted to $683 per ton, which is down by -9.4% against the previous year. In general, the export price faced a abrupt slump. The most prominent rate of growth was recorded in 2020 an increase of 33%. Over the period under review, the average export prices attained the maximum at $3,761 per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($1,413 per ton), while the average price for exports to Pakistan ($304 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 the United States (+9.4%), while the prices for the other major destinations experienced mixed trend patterns.

Gum Arabic Price in Nigeria (CIF) - 2022

In 2022, the average gum arabic import price amounted to $2,023 per ton, with an increase of 7.8% against the previous year. Over the period under review, the import price, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2013 when the average import price increased by 64% against the previous year. As a result, import price attained the peak level of $4,978 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($3,182 per ton), while the price for China totaled $2,000 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (-1.7%), while the prices for the other major suppliers experienced a decline.

Gum Arabic Exports in Nigeria

In 2022, approx. 3.8K tons of gum arabics were exported from Nigeria; rising by 30% on the previous year. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2021 when exports increased by 811%. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, gum arabic exports surged to $2.6M in 2022. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2021 with an increase of 473% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Top Export Markets for Gum Arabic from Nigeria in 2022:

1. Pakistan (2296.0 tons)
2. Germany (1043.9 tons)
3. United Arab Emirates (391.1 tons)

Gum Arabic Imports in Nigeria

In 2022, overseas purchases of gum arabics decreased by -94.2% to 13 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a precipitous decline. The pace of growth appeared the most rapid in 2020 when imports increased by 189% against the previous year. As a result, imports reached the peak of 1.4K tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, gum arabic imports contracted sharply to $27K in 2022. In general, imports saw a precipitous descent. The most prominent rate of growth was recorded in 2020 with an increase of 228% against the previous year. As a result, imports reached the peak of $4.1M. From 2021 to 2022, the growth of imports failed to regain momentum.

Top Suppliers of Gum Arabic to Nigeria in 2022:

1. China (13.2 tons)
2. Belgium (0.3 tons)

Source: IndexBox Market Intelligence Platform