Liquefied Propane Price in Nigeria - 2022
Contents:
- Liquefied Propane Price in Nigeria (FOB) - 2022
- Liquefied Propane Price in Nigeria (CIF) - 2022
- Liquefied Propane Exports in Nigeria
- Liquefied Propane Imports in Nigeria
Liquefied Propane Price in Nigeria (FOB) - 2022
In 2022, the average liquefied propane export price amounted to $427 per ton, remaining constant against the previous year. In general, the export price, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 34%. The export price peaked at $923 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($1,430 per ton), while the average price for exports to Vietnam ($20 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 Belgium (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.
Liquefied Propane Price in Nigeria (CIF) - 2022
The average liquefied propane import price stood at $75,084 per ton in 2022, which is down by -62.4% against the previous year. Over the period under review, the import price, however, continues to indicate a significant increase. The pace of growth was the most pronounced in 2021 when the average import price increased by 11,240% against the previous year. As a result, import price reached the peak level of $199,766 per ton, and then dropped dramatically in the following year.
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 the United States ($1,468,254 per ton), while the price for France ($512 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+70.2%), while the prices for the other major suppliers experienced mixed trend patterns.
Liquefied Propane Exports in Nigeria
In 2022, overseas shipments of liquefied propanes increased by 54% to 440K tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a significant decline.
In value terms, liquefied propane exports surged to $188M in 2022. Over the period under review, exports, however, recorded a sharp decline.
| Export of Liquefied Propane in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 47.4 | 46.5 | 43.3 | 95.1 | 26.1% |
| Belgium | 73.6 | 48.3 | 17.7 | 22.8 | -32.3% |
| Japan | 42.0 | 15.2 | 8.4 | 10.2 | -37.6% |
| Guatemala | 34.6 | 20.7 | 6.9 | 8.1 | -38.4% |
| Indonesia | 13.6 | 2.3 | 4.9 | 5.9 | -24.3% |
| Thailand | 14.6 | 11.8 | 4.0 | 4.9 | -30.5% |
| South Korea | 22.3 | 15.1 | 4.3 | 4.0 | -43.6% |
| Taiwan (Chinese) | 18.1 | 9.3 | 2.0 | 3.6 | -41.6% |
| Mexico | 12.3 | 7.1 | 2.3 | 2.6 | -40.4% |
| France | 14.4 | 7.3 | 2.1 | 2.1 | -47.4% |
| Vietnam | 8.8 | 5.3 | 1.8 | 2.1 | -38.0% |
| India | N/A | 14.7 | N/A | N/A | 0% |
| Singapore | 15.3 | N/A | N/A | N/A | 0% |
| Others | 102 | 51.4 | 23.6 | 27.0 | -35.8% |
| Total | 419 | 255 | 121 | 188 | -23.4% |
Top Export Markets for Liquefied Propane from Nigeria in 2022:
- China (148.5K tons)
- Vietnam (108.4K tons)
- Japan (38.0K tons)
- Indonesia (23.4K tons)
- France (17.9K tons)
- Belgium (15.9K tons)
- Taiwan (Chinese) (13.0K tons)
- Mexico (12.4K tons)
- Thailand (11.1K tons)
- South Korea (10.3K tons)
- Guatemala (9.1K tons)
Liquefied Propane Imports in Nigeria
In 2022, after two years of decline, there was significant growth in purchases abroad of liquefied propanes, when their volume increased by 35% to 75 tons. In general, imports, however, saw a deep slump.
In value terms, liquefied propane imports declined dramatically to $5.6M in 2022. Over the period under review, imports showed significant growth. The pace of growth appeared the most rapid in 2021 when imports increased by 6,569% against the previous year. As a result, imports attained the peak of $11M, and then declined notably in the following year.
| Import of Liquefied Propane in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 25.0 | 159 | 6,161 | 5,579 | 506.6% |
| Italy | 25.6 | 1.6 | 35.5 | 28.3 | 3.4% |
| Belgium | 28.8 | 3.7 | 22.1 | 16.5 | -16.9% |
| United Arab Emirates | 33.2 | 0.5 | 8.5 | 5.3 | -45.8% |
| France | 11.3 | 0.3 | 10.8 | 4.9 | -24.3% |
| China | 44.4 | 0.8 | 3.2 | 2.6 | -61.2% |
| Canada | N/A | 0.1 | N/A | N/A | 0% |
| Others | 11.8 | 0.5 | 4,868 | 0.8 | -59.2% |
| Total | 180 | 167 | 11,109 | 5,638 | 215.2% |
Top Suppliers of Liquefied Propane to Nigeria in 2022:
- Italy (38.6 tons)
- Belgium (12.0 tons)
- France (9.6 tons)
- United Arab Emirates (9.3 tons)
- United States (3.8 tons)
- China (1.6 tons)
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