Price for Food Preparations Not Elsewhere Specified or Included in Nigeria - 2022
Contents:
- Price for Food Preparations Not Elsewhere Specified or Included in Nigeria (CIF) - 2022
- Price for Food Preparations Not Elsewhere Specified or Included in Nigeria (FOB) - 2022
- Imports of Food Preparations Not Elsewhere Specified or Included in Nigeria
- Exports of Food Preparations Not Elsewhere Specified or Included in Nigeria
Price for Food Preparations Not Elsewhere Specified or Included in Nigeria (CIF) - 2022
In 2022, the average import price for food preparations not elsewhere specified or included amounted to $4,019 per ton, picking up by 44% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The import price peaked at $5,312 per ton in 2016; however, from 2017 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 the United States ($24,919 per ton), while the price for China ($1,752 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 (+20.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Food Preparations Not Elsewhere Specified or Included in Nigeria (FOB) - 2022
The average export price for food preparations not elsewhere specified or included stood at $2,975 per ton in 2022, waning by -37.1% against the previous year. Over the period under review, the export price, however, saw notable growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 344%. As a result, the export price attained the peak level of $12,279 per ton. From 2021 to 2022, the average 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 Chad ($3,663 per ton), while the average price for exports to Togo ($152 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 Chad (+84.3%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Food Preparations Not Elsewhere Specified or Included in Nigeria
In 2022, supplies from abroad of food preparations not elsewhere specified or included decreased by -32% to 48K tons, falling for the second year in a row after two years of growth. Overall, imports, however, showed tangible growth. The most prominent rate of growth was recorded in 2020 when imports increased by 125%. As a result, imports attained the peak of 96K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of food preparations not elsewhere specified or included fell to $191M in 2022. In general, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 139% against the previous year. As a result, imports reached the peak of $313M. From 2021 to 2022, the growth of imports of failed to regain momentum.
| Import of Food Preparations Not Elsewhere Specified or Included in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 11.1 | 27.7 | 30.4 | 46.7 | 61.4% |
| United States | 20.1 | 26.4 | 25.9 | 32.9 | 17.9% |
| China | 12.0 | 41.0 | 26.6 | 20.3 | 19.2% |
| India | 11.4 | 90.1 | 21.4 | 18.4 | 17.3% |
| Netherlands | 9.9 | 21.7 | 20.5 | 13.7 | 11.4% |
| South Africa | 7.1 | 8.9 | 7.7 | 8.4 | 5.8% |
| France | 5.6 | 5.8 | 8.2 | 7.9 | 12.2% |
| United Kingdom | 4.9 | 10.8 | 7.9 | 5.6 | 4.6% |
| Italy | 0.9 | 4.6 | 4.9 | 5.2 | 79.4% |
| Spain | 6.0 | 8.1 | 2.3 | 4.9 | -6.5% |
| Malaysia | 3.3 | 6.0 | 8.0 | 4.7 | 12.5% |
| Indonesia | 1.8 | 3.5 | 3.0 | 4.2 | 32.6% |
| Thailand | 0.5 | 0.9 | 3.1 | 2.8 | 77.6% |
| Others | 36.1 | 57.1 | 25.7 | 15.5 | -24.6% |
| Total | 131 | 313 | 196 | 191 | 13.4% |
Top Suppliers of Food Preparations Not Elsewhere Specified or Included to Nigeria in 2022:
- China (11.6K tons)
- Germany (8.4K tons)
- India (5.4K tons)
- Netherlands (3.4K tons)
- South Africa (2.9K tons)
- Indonesia (2.1K tons)
- Malaysia (1.6K tons)
- Thailand (1.5K tons)
- Italy (1.4K tons)
- United States (1.3K tons)
- France (1.3K tons)
- United Kingdom (1.1K tons)
- Spain (1.1K tons)
Exports of Food Preparations Not Elsewhere Specified or Included in Nigeria
In 2022, the amount of food preparations not elsewhere specified or included exported from Nigeria skyrocketed to 4.7K tons, rising by 213% compared with 2021 figures. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 367% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.
In value terms, exports of food preparations not elsewhere specified or included soared to $14M in 2022. Over the period under review, exports recorded a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Food Preparations Not Elsewhere Specified or Included in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Chad | N/A | N/A | 871 | 1,253 | 43.9% |
| United States | 35.4 | 138 | 905 | 1,016 | 206.2% |
| United Kingdom | N/A | 224 | 381 | 575 | 60.2% |
| Canada | 11.1 | N/A | 113 | 72.1 | 86.6% |
| Netherlands | N/A | 35.7 | 23.4 | 56.5 | 25.8% |
| United Arab Emirates | 194 | 199 | 315 | 50.2 | -36.3% |
| Niger | N/A | N/A | N/A | 48.7 | 0% |
| Ghana | 5.9 | 22.7 | 58.7 | 43.0 | 93.9% |
| Liberia | N/A | N/A | N/A | 30.6 | 0% |
| Ireland | N/A | N/A | 12.9 | 12.7 | -1.6% |
| Benin | N/A | N/A | N/A | 10.1 | 0% |
| Togo | N/A | N/A | N/A | 7.0 | 0% |
| Others | 9,998 | 3,326 | 4,415 | 10,826 | 2.7% |
| Total | 10,245 | 3,944 | 7,095 | 14,002 | 11.0% |
Top Export Markets for Food Preparations Not Elsewhere Specified or Included from Nigeria in 2022:
- United States (461.2 tons)
- Chad (342.2 tons)
- United Kingdom (168.8 tons)
- Niger (100.0 tons)
- Canada (57.8 tons)
- Ghana (46.5 tons)
- Togo (45.8 tons)
- Liberia (38.3 tons)
- Ireland (38.0 tons)
- Benin (37.9 tons)
- Netherlands (34.0 tons)
- United Arab Emirates (18.4 tons)
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