Price for Mineral Substances Not Elsewhere Specified or Included in Nigeria - 2022
Contents:
- Price for Mineral Substances Not Elsewhere Specified or Included in Nigeria (FOB) - 2022
- Price for Mineral Substances Not Elsewhere Specified or Included in Nigeria (CIF) - 2022
- Exports of Mineral Substances Not Elsewhere Specified or Included in Nigeria
- Imports of Mineral Substances Not Elsewhere Specified or Included in Nigeria
Price for Mineral Substances Not Elsewhere Specified or Included in Nigeria (FOB) - 2022
In June 2022, the average export price for mineral substances not elsewhere specified or includeds amounted to $322 per ton, with a decrease of -37.2% against the previous month. In general, the export price, however, saw a buoyant increase. The growth pace was the most rapid in May 2022 an increase of 151% against the previous month. As a result, the export price attained the peak level of $512 per ton, and then dropped dramatically in the following month.
As there is only one major export destination, the average price level is determined by prices for China.
From June 2021 to June 2022, the rate of growth in terms of prices for China amounted to +10.4% per month.
Price for Mineral Substances Not Elsewhere Specified or Included in Nigeria (CIF) - 2022
The average import price for mineral substances not elsewhere specified or includeds stood at $718 per ton in 2022, reducing by -17.8% against the previous year. Over the period under review, the import price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 48% against the previous year. Over the period under review, average import prices reached the peak figure at $1,221 per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($3,735 per ton), while the price for China ($283 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+33.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Mineral Substances Not Elsewhere Specified or Included in Nigeria
In 2022, approx. 11K tons of mineral substances not elsewhere specified or includeds were exported from Nigeria; growing by 1,026% against the year before. Over the period under review, exports enjoyed a significant increase. The growth pace was the most rapid in 2021 with an increase of 1,155%. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in years to come.
In value terms, exports of mineral substances not elsewhere specified or includeds soared to $4.1M in 2022. In general, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Mineral Substances Not Elsewhere Specified or Included in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | N/A | N/A | 0.2 | 4.1 | 1950.0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | N/A | N/A | 0.2 | 4.1 | 1950.0% |
Top Export Markets for Mineral Substances Not Elsewhere Specified or Included from Nigeria in 2022:
- China (10.6K tons)
Imports of Mineral Substances Not Elsewhere Specified or Included in Nigeria
Imports of mineral substances not elsewhere specified or includeds into Nigeria soared to 3.2K tons in 2022, jumping by 262% on the previous year's figure. Over the period under review, imports continue to indicate resilient growth.
In value terms, imports of mineral substances not elsewhere specified or includeds surged to $2.3M in 2022. Overall, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 390% against the previous year. As a result, imports reached the peak of $4.4M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
| Import of Mineral Substances Not Elsewhere Specified or Included in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 147 | 894 | 416 | 792 | 75.3% |
| China | 548 | 2,726 | 226 | 755 | 11.3% |
| India | N/A | 0.5 | 67.0 | 477 | 2988.7% |
| Italy | 10.8 | N/A | 0.6 | 177 | 154.0% |
| Denmark | 61.2 | N/A | 9.8 | 53.6 | -4.3% |
| United States | 76.2 | 74.9 | 0.4 | 1.5 | -73.0% |
| Others | 44.7 | 656 | 44.1 | 17.4 | -27.0% |
| Total | 888 | 4,352 | 764 | 2,273 | 36.8% |
Top Suppliers of Mineral Substances Not Elsewhere Specified or Included to Nigeria in 2022:
- China (2673.0 tons)
- Spain (254.0 tons)
- India (127.7 tons)
- Denmark (53.3 tons)
- Italy (50.9 tons)
- United States (0.7 tons)
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