Price for Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria - 2022

Contents:

1. Price for Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria (CIF) - 2022
2. Price for Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria (FOB) - 2022
3. Imports of Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria
4. Exports of Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria

Price for Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria (CIF) - 2022

The average import price for liquid margarine and edible mixtures of animal or vegetable fats stood at $793 per ton in 2022, increasing by 10% against the previous year. Over the period under review, the import price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2019 an increase of 81% against the previous year. Over the period under review, average import prices reached the maximum at $1,726 per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($2,394 per ton), while the price for the United Arab Emirates ($663 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 Arab Emirates (+1.5%), while the prices for the other major suppliers experienced a decline.

Price for Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria (FOB) - 2022

In 2022, the average export price for liquid margarine and edible mixtures of animal or vegetable fats amounted to $1,165 per ton, growing by 24% against the previous year. In general, the export price, however, showed a deep reduction. The most prominent rate of growth was recorded in 2013 an increase of 44%. As a result, the export price reached the peak level of $2,860 per ton. From 2014 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 the United States ($1,186 per ton), while the average price for exports to Niger ($177 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 Benin (+68.3%), while the prices for the other major destinations experienced a decline.

Imports of Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria

In 2022, purchases abroad of liquid margarine and edible mixtures of animal or vegetable fats decreased by -98.2% to 2.8K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports showed a dramatic setback. The most prominent rate of growth was recorded in 2021 with an increase of 1,245%. As a result, imports attained the peak of 158K tons, and then dropped remarkably in the following year.

In value terms, imports of liquid margarine and edible mixtures of animal or vegetable fats fell remarkably to $2.2M in 2022. In general, imports recorded a sharp contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 1,003%. As a result, imports attained the peak of $114M, and then shrank sharply in the following year.

Top Suppliers of Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats to Nigeria in 2022:

1. Indonesia (2269.5 tons)
2. United Arab Emirates (326.0 tons)
3. Netherlands (95.6 tons)

Exports of Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats in Nigeria

After three years of growth, overseas shipments of liquid margarine and edible mixtures of animal or vegetable fats decreased by -5.9% to 92 tons in 2022. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 267%.

In value terms, exports of liquid margarine and edible mixtures of animal or vegetable fats surged to $107K in 2022. Over the period under review, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2020 with an increase of 315%. As a result, the exports reached the peak of $123K. From 2021 to 2022, the growth of the exports of failed to regain momentum.

Top Export Markets for Liquid Margarine and Edible Mixtures of Animal or Vegetable Fats from Nigeria in 2022:

1. United States (67.2 tons)
2. Netherlands (20.3 tons)
3. Niger (2.8 tons)

Source: IndexBox Market Intelligence Platform