Price for Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria - 2023

Contents:

1. Price for Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria (CIF) - 2023
2. Price for Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria (FOB) - 2022
3. Imports of Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria
4. Exports of Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria

Price for Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria (CIF) - 2023

In December 2023, the average import price for gloves, mittens and mitts; knitted or crocheted amounted to $2.3 per pair, reducing by -38.6% against the previous month. Overall, the import price, however, saw a slight expansion. The most prominent rate of growth was recorded in October 2023 an increase of 206% month-to-month. Over the period under review, average import prices reached the peak figure at $3.8 per pair in November 2023, and then dropped dramatically in the following month.

As there is only one major supplying country, the average price level is determined by prices for China.

From January 2023 to December 2023, the rate of growth in terms of prices for China amounted to +0.8% per month.

Price for Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria (FOB) - 2022

In 2022, the average export price for gloves, mittens and mitts; knitted or crocheted amounted to $155 per thousand pairs, picking up by 20% against the previous year. Over the period under review, the export price showed a temperate expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by 353% against the previous year. The export price peaked at $1.7 per pair in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Angola ($528 per thousand pairs), while the average price for exports to Niger ($66 per thousand pairs) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+2.7%), while the prices for the other major destinations experienced a decline.

Imports of Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria

After three years of growth, purchases abroad of gloves, mittens and mitts; knitted or crocheted decreased by -17.9% to 9.3M pairs in 2022. Over the period under review, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 140% against the previous year. Over the period under review, imports of hit record highs at 11M pairs in 2021, and then fell remarkably in the following year.

In value terms, imports of gloves, mittens and mitts; knitted or crocheted fell remarkably to $1.6M in 2022. In general, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2020 when imports increased by 289%. Imports peaked at $5.5M in 2021, and then contracted markedly in the following year.

Top Suppliers of Gloves, Mittens and Mitts; Knitted or Crocheted to Nigeria in 2022:

1. China (6.6M pairs)
2. Thailand (1.3M pairs)
3. Malaysia (0.5M pairs)
4. Pakistan (0.3M pairs)
5. Indonesia (0.3M pairs)
6. Vietnam (0.1M pairs)

Exports of Gloves, Mittens and Mitts; Knitted or Crocheted in Nigeria

For the fourth year in a row, Nigeria recorded growth in shipments abroad of gloves, mittens and mitts; knitted or crocheted, which increased by 198% to 38K pairs in 2022. Overall, exports enjoyed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of gloves, mittens and mitts; knitted or crocheted soared to $6K in 2022. In general, exports posted a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 1,113% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Top Export Markets for Gloves, Mittens and Mitts; Knitted or Crocheted from Nigeria in 2022:

1. Benin (34.3K pairs)
2. Angola (1.9K pairs)
3. Niger (1.8K pairs)

Source: IndexBox Market Intelligence Platform