Price for Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria - 2023
Contents:
- Price for Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (FOB) - 2022
- Price for Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (CIF) - 2022
- Exports of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
- Imports of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
Price for Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (FOB) - 2022
The average export price for powdered sweetened milk and cream of fat weight content over 1.5% stood at $3,760 per ton in 2022, surging by 27% against the previous year. Overall, the export price continues to indicate a prominent increase. The pace of growth was the most pronounced in 2013 when the average export price increased by 260%. As a result, the export price reached the peak level of $7,109 per ton. From 2014 to 2022, the average export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Ghana.
From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to +6.9% per year.
Price for Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (CIF) - 2022
The average import price for powdered sweetened milk and cream of fat weight content over 1.5% stood at $2,927 per ton in 2022, rising by 75% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced descent. Over the period under review, average import prices reached the maximum at $3,813 per ton in 2014; however, from 2015 to 2022, import prices remained at a 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 ($37,000 per ton), while the price for China ($1,557 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+25.3%), while the prices for the other major suppliers experienced a decline.
Exports of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
In 2022, exports of powdered sweetened milk and cream of fat weight content over 1.5% from Nigeria soared to 2K tons, with an increase of 361% on 2021. In general, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, exports of powdered sweetened milk and cream of fat weight content over 1.5% skyrocketed to $7.6M in 2022. Over the period under review, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ghana | 0.9 | 0.4 | 0.6 | 3.8 | 61.6% |
| Others | 1.0 | 0.4 | 0.7 | 3.8 | 56.0% |
| Total | 1.8 | 0.9 | 1.3 | 7.6 | 61.6% |
Top Export Markets for Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% from Nigeria in 2022:
- Ghana (1.0K tons)
Imports of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
In 2022, approx. 335 tons of powdered sweetened milk and cream of fat weight content over 1.5% were imported into Nigeria; dropping by -73.9% compared with 2021. Overall, imports showed a precipitous slump. The smallest decline of -20.8% was in 2020.
In value terms, imports of powdered sweetened milk and cream of fat weight content over 1.5% plummeted to $982K in 2022. Over the period under review, imports faced a sharp reduction. The smallest decline of -14.8% was in 2020.
| Import of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ireland | N/A | N/A | N/A | 484 | 0% |
| China | 8.1 | 2.3 | 19.2 | 5.6 | -11.6% |
| Netherlands | 462 | 1.0 | 77.9 | 0.1 | -94.0% |
| New Zealand | 484 | 1,136 | N/A | N/A | 134.7% |
| Germany | 153 | 651 | 190 | N/A | 11.4% |
| United Kingdom | 598 | 62.0 | 754 | N/A | 12.3% |
| Poland | 1,408 | 647 | N/A | N/A | -54.0% |
| Iceland | N/A | 129 | N/A | N/A | 0% |
| Others | 3,509 | 3,017 | 1,107 | 492 | -48.0% |
| Total | 6,623 | 5,646 | 2,148 | 982 | -47.1% |
Top Suppliers of Powdered Sweetened Milk and Cream of Fat Weight Content over 1.5% to Nigeria in 2022:
- Ireland (159.1 tons)
- China (3.6 tons)
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