Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria - 2023
Contents:
- Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (CIF) - 2023
- Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (FOB) - 2022
- Imports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
- Exports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (CIF) - 2023
In December 2023, the average import price for powdered unsweetened milk and cream of fat weight content over 1.5% amounted to $6,210 per ton, growing by 16% against the previous month. In general, import price indicated tangible growth from January 2023 to December 2023: its price increased at an average monthly rate of +4.3% over the last eleven-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, import price for powdered unsweetened milk and cream of fat weight content over 1.5% increased by +66.9% against September 2023 indices. The most prominent rate of growth was recorded in October 2023 an increase of 33% against the previous month. The import price peaked in December 2023.
Average prices varied somewhat amongst the major supplying countries. In December 2023, the highest price was recorded for prices from Uruguay ($6,768 per ton) and New Zealand ($6,317 per ton), while the price for Ireland ($5,001 per ton) and China ($5,407 per ton) were amongst the lowest.
From January 2023 to December 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (FOB) - 2022
The average export price for powdered unsweetened milk and cream of fat weight content over 1.5% stood at $2,707 per ton in 2022, increasing by 6.6% against the previous year. Overall, the export price, however, saw a deep slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 180%. Over the period under review, the average export prices attained the peak figure at $5,944 per ton in 2014; however, from 2015 to 2022, the 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 Benin ($5,856 per ton), while the average price for exports to Niger ($548 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 Gabon (-1.0%), while the prices for the other major destinations experienced a decline.
Imports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
In 2022, purchases abroad of powdered unsweetened milk and cream of fat weight content over 1.5% decreased by -0.2% to 67K tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a sharp setback. The pace of growth was the most pronounced in 2020 with an increase of 66%. As a result, imports reached the peak of 272K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of powdered unsweetened milk and cream of fat weight content over 1.5% reduced rapidly to $297M in 2022. In general, imports saw a deep reduction. The pace of growth appeared the most rapid in 2020 with an increase of 119% against the previous year. As a result, imports reached the peak of $836M. From 2021 to 2022, the growth of imports of failed to regain momentum.
| Import of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 52.8 | 143 | 123 | 126 | 33.6% |
| Uruguay | 0.1 | N/A | 0.2 | 6.9 | 310.2% |
| Ireland | 24.2 | 28.2 | 20.0 | 6.4 | -35.8% |
| Germany | 39.2 | 101 | 31.4 | 3.4 | -55.7% |
| Netherlands | 33.4 | 30.9 | 23.5 | 1.5 | -64.5% |
| Denmark | 13.4 | 41.0 | 23.5 | 1.4 | -52.9% |
| Sweden | 19.3 | 62.7 | 6.2 | N/A | -43.3% |
| Others | 199 | 429 | 234 | 152 | -8.6% |
| Total | 382 | 836 | 462 | 297 | -8.0% |
Top Suppliers of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% to Nigeria in 2022:
- New Zealand (28.2K tons)
- Ireland (1.5K tons)
- Uruguay (1.2K tons)
- Germany (0.8K tons)
- Netherlands (0.4K tons)
- Denmark (0.4K tons)
Exports of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria
For the fourth year in a row, Nigeria recorded growth in overseas shipments of powdered unsweetened milk and cream of fat weight content over 1.5%, which increased by 127% to 101 tons in 2022. Overall, exports posted a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, exports of powdered unsweetened milk and cream of fat weight content over 1.5% skyrocketed to $274K in 2022. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 343% against the previous year. Over the period under review, the exports of reached the maximum in 2022 and are expected to retain growth in years to come.
| Export of Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ghana | N/A | N/A | 34.9 | 202 | 478.8% |
| Benin | 2.5 | 16.3 | 15.5 | 62.5 | 192.4% |
| Niger | 4.5 | 1.9 | 1.7 | 5.3 | 5.6% |
| United Arab Emirates | 0.1 | 2.0 | 1.5 | 3.1 | 214.1% |
| Cameroon | N/A | 3.9 | 1.6 | N/A | -59.0% |
| Gabon | 85.2 | N/A | N/A | N/A | 0% |
| United States | N/A | N/A | 56.1 | N/A | 0% |
| Others | 0.2 | 1.4 | 1.9 | 1.0 | 71.0% |
| Total | 92.4 | 25.6 | 113 | 274 | 43.7% |
Top Export Markets for Powdered Unsweetened Milk and Cream of Fat Weight Content over 1.5% from Nigeria in 2022:
- Ghana (75.1 tons)
- Benin (10.7 tons)
- Niger (9.7 tons)
- United Arab Emirates (5.5 tons)
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