Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria - 2022
Contents:
- Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (FOB) - 2022
- Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (CIF) - 2022
- Exports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria
- Imports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria
Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (FOB) - 2022
In 2022, the average export price for lac; natural gums, resins, gum-resins and balsamses amounted to $931 per ton, surging by 19% against the previous year. In general, the export price, however, faced a abrupt decrease. Over the period under review, the average export prices reached the peak figure at $3,670 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($2,286 per ton), while the average price for exports to India ($536 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 the Netherlands (+2.8%), while the prices for the other major destinations experienced a decline.
Price for Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (CIF) - 2022
The average import price for lac; natural gums, resins, gum-resins and balsamses stood at $3,906 per ton in 2022, picking up by 166% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($9,677 per ton), while the price for China ($1,376 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria
In 2022, approx. 3.7K tons of lac; natural gums, resins, gum-resins and balsamses were exported from Nigeria; with an increase of 22% compared with the previous year's figure. In general, exports saw a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 733%. Over the period under review, the exports of reached the maximum in 2022 and are expected to retain growth in the near future.
In value terms, exports of lac; natural gums, resins, gum-resins and balsamses soared to $3.5M in 2022. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 502%. The exports peaked in 2022 and are likely to see gradual growth in the near future.
Export of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
India | 40.1 | N/A | 420 | 1,126 | 203.9% |
Germany | 178 | 22.5 | 647 | 843 | 67.9% |
Netherlands | N/A | N/A | N/A | 502 | 0% |
Pakistan | 57.0 | 46.1 | 297 | 281 | 70.2% |
United Arab Emirates | 322 | 183 | 354 | 148 | -22.8% |
France | N/A | N/A | N/A | 147 | 0% |
Portugal | N/A | N/A | N/A | 146 | 0% |
China | N/A | 7.4 | 86.2 | 67.7 | 202.5% |
Thailand | N/A | N/A | 388 | N/A | 0% |
Others | 72.0 | 136 | 187 | 195 | 39.4% |
Total | 670 | 395 | 2,380 | 3,455 | 72.8% |
Top Export Markets for Lac; Natural Gums, Resins, Gum-Resins and Balsams from Nigeria in 2022:
- India (2099.7 tons)
- Pakistan (516.2 tons)
- Germany (369.0 tons)
- Netherlands (250.0 tons)
- France (135.0 tons)
- China (110.0 tons)
- Portugal (107.9 tons)
- United Arab Emirates (72.8 tons)
Imports of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria
In 2022, purchases abroad of lac; natural gums, resins, gum-resins and balsamses decreased by -97.2% to 58 tons, falling for the second consecutive year after two years of growth. In general, imports faced a dramatic curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 19%. As a result, imports reached the peak of 3.3K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of lac; natural gums, resins, gum-resins and balsamses dropped notably to $228K in 2022. Over the period under review, imports faced a significant decline. The pace of growth was the most pronounced in 2020 with an increase of 73%. As a result, imports reached the peak of $12M. From 2021 to 2022, the growth of imports of remained at a lower figure.
Import of Lac; Natural Gums, Resins, Gum-Resins and Balsams in Nigeria (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
India | 4.0 | 7.1 | N/A | 0.2 | -63.2% |
China | 1.9 | 3.7 | 1.7 | 0.1 | -62.5% |
Switzerland | N/A | 0.8 | 0.1 | N/A | -87.5% |
Germany | N/A | N/A | N/A | N/A | 0% |
Turkey | 0.3 | 0.2 | 1.2 | N/A | 100.0% |
Others | 0.8 | 0.4 | 0.2 | N/A | -50.0% |
Total | 7.0 | 12.2 | 3.1 | 0.2 | -69.4% |
Top Suppliers of Lac; Natural Gums, Resins, Gum-Resins and Balsams to Nigeria in 2022:
- China (38.2 tons)
- India (16.6 tons)
- Germany (3.0 tons)
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