Price for Cotton; Garnetted Stock Waste in Nigeria - 2022

Price for Cotton; Garnetted Stock Waste in Nigeria (CIF) - 2022

The average cotton; garnetted stock waste import price stood at $4,909 per ton in 2022, stabilizing at the previous year. Overall, the import price, however, continues to indicate a prominent increase. The pace of growth was the most pronounced in 2020 an increase of 63%. Over the period under review, average import prices attained the peak figure at $4,909 per ton in 2021, and then dropped slightly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($6,563 per ton), while the price for Japan totaled $4,847 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+32.0%).

Price for Cotton; Garnetted Stock Waste in Nigeria (FOB) - 2022

The average cotton; garnetted stock waste export price stood at $1,420 per ton in 2022, leveling off at the previous year. In general, the export price continues to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2014 when the average export price increased by 162%. The export price peaked at $2,260 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Bangladesh.

From 2012 to 2022, the rate of growth in terms of prices for Bangladesh amounted to +17.1% per year.

Imports of Cotton; Garnetted Stock Waste in Nigeria

In 2022, purchases abroad of cotton; garnetted stock waste decreased by -25% to 1.2K tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 133% against the previous year.

In value terms, cotton; garnetted stock waste imports declined sharply to $6.1M in 2022. Overall, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 281% against the previous year.

Import of Cotton; Garnetted Stock Waste in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	0.9	3.9	2.0	5.8	86.1%
China	0.2	0.1	0.1	0.3	14.5%
Malaysia	N/A	N/A	5.2	N/A	0%
Others	N/A	N/A	0.7	N/A	0%
Total	1.1	4.0	8.1	6.1	77.0%

Top Suppliers of Cotton; Garnetted Stock Waste to Nigeria in 2022:

Japan (1189.9 tons)
China (44.4 tons)

Exports of Cotton; Garnetted Stock Waste in Nigeria

In 2022, the amount of cotton; garnetted stock waste exported from Nigeria soared to 223 tons, rising by 25% against 2021. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 7,215%. As a result, the exports reached the peak of 268 tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cotton; garnetted stock waste exports skyrocketed to $317K in 2022. In general, exports posted a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 5,830%. As a result, the exports reached the peak of $380K. From 2021 to 2022, the growth of the exports failed to regain momentum.