Price for Electric Motors; of an Output Not Exceeding 37.5W in Nigeria - 2022
Contents:
- Price for Electric Motors; of an Output Not Exceeding 37.5W in Nigeria (CIF) - 2022
- Price for Electric Motors; of an Output Not Exceeding 37.5W in Nigeria (FOB) - 2022
- Imports of Electric Motors; of an Output Not Exceeding 37.5W in Nigeria
- Exports of Electric Motors; of an Output Not Exceeding 37.5W in Nigeria
Price for Electric Motors; of an Output Not Exceeding 37.5W in Nigeria (CIF) - 2022
In 2022, the average import price for electric motors amounted to $20 per unit, reducing by -22.1% against the previous year. Over the period under review, the import price saw a drastic downturn. The pace of growth was the most pronounced in 2017 an increase of 138%. The import price peaked at $67 per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($29 per unit), while the price for China ($11 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.5%), while the prices for the other major suppliers experienced a decline.
Price for Electric Motors; of an Output Not Exceeding 37.5W in Nigeria (FOB) - 2022
The average export price for electric motors stood at $1,240 per unit in 2022, with an increase of 91% against the previous year. Overall, the export price recorded pronounced growth. The export price peaked at $1,520 per unit in 2015; however, from 2016 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 the Netherlands ($1,950 per unit), while the average price for exports to India ($108 per unit) 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 (+26.6%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Electric Motors; of an Output Not Exceeding 37.5W in Nigeria
In 2022, the amount of electric motors imported into Nigeria skyrocketed to 535K units, with an increase of 162% against the previous year's figure. In general, imports saw resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, imports of electric motors skyrocketed to $11M in 2022. Over the period under review, imports, however, saw a abrupt curtailment. Over the period under review, imports of attained the maximum at $14M in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
| Import of Electric Motors; of an Output Not Exceeding 37.5W in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 2.7 | 4.7 | 2.3 | 5.3 | 25.2% |
| Italy | 5.5 | 1.1 | 0.4 | 0.8 | -47.4% |
| United States | 0.7 | 1.7 | 0.2 | 0.4 | -17.0% |
| Others | 4.8 | 4.3 | 2.3 | 4.2 | -4.4% |
| Total | 13.6 | 11.8 | 5.3 | 10.7 | -7.7% |
Top Suppliers of Electric Motors; of an Output Not Exceeding 37.5W to Nigeria in 2022:
- China (481.4K units)
- Italy (26.9K units)
- United States (15.1K units)
Exports of Electric Motors; of an Output Not Exceeding 37.5W in Nigeria
Exports of electric motors from Nigeria soared to 93 units in 2022, jumping by 45% against the previous year's figure. In general, exports, however, saw a slight decrease. The exports peaked at 96 units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.
In value terms, exports of electric motors soared to $115K in 2022. Overall, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Electric Motors; of an Output Not Exceeding 37.5W in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 4.1 | 0.3 | 0.6 | 72.1 | 160.0% |
| Cote d'Ivoire | 21.0 | 12.4 | 24.6 | 24.7 | 5.6% |
| Niger | 0.6 | 0.3 | 2.8 | 5.4 | 108.0% |
| Italy | 2.0 | 1.8 | 2.5 | 3.6 | 21.6% |
| Ghana | 4.2 | 2.6 | 2.5 | 2.1 | -20.6% |
| Spain | 1.5 | 1.3 | 1.7 | 1.9 | 8.2% |
| United Kingdom | 2.7 | 1.6 | 1.5 | 1.2 | -23.7% |
| Germany | 1.3 | 0.8 | 0.8 | 0.7 | -18.6% |
| Cameroon | 0.8 | 0.7 | 0.8 | 0.7 | -4.4% |
| Belgium | 0.9 | 0.6 | 0.7 | 0.6 | -12.6% |
| Chile | 2.2 | N/A | N/A | N/A | 0% |
| Others | 4.0 | 3.1 | 3.1 | 2.3 | -16.8% |
| Total | 45.2 | 25.4 | 41.5 | 115 | 36.5% |
Top Export Markets for Electric Motors; of an Output Not Exceeding 37.5W from Nigeria in 2022:
- Netherlands (37.0 units)
- Cote d'Ivoire (24.0 units)
- Niger (6.0 units)
- Italy (5.0 units)
- Spain (5.0 units)
- Ghana (2.0 units)
- United Kingdom (1.0 units)
- Germany (1.0 units)
- Belgium (1.0 units)
- Cameroon (1.0 units)
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