Price for Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria - 2023
Contents:
- Price for Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria (CIF) - 2023
- Price for Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria (FOB) - 2022
- Imports of Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria
- Exports of Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria
Price for Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria (CIF) - 2023
In December 2023, the average import price for reciprocating or rotary internal combustion piston engineses amounted to $465 per unit, reducing by -69.4% against the previous month. Over the period under review, the import price showed a abrupt contraction. The most prominent rate of growth was recorded in July 2023 an increase of 252% against the previous month. Over the period under review, average import prices reached the maximum at $6,796 per unit in August 2023; however, from September 2023 to December 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was the United States ($2,616 per unit), while the price for Germany ($397 per unit) was amongst the lowest.
From January 2023 to December 2023, the most notable rate of growth in terms of prices was attained by the United States (+18.5%), while the prices for the other major suppliers experienced a decline.
Price for Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria (FOB) - 2022
The average export price for reciprocating or rotary internal combustion piston engineses stood at $766 per unit in 2022, increasing by 118% against the previous year. Overall, the export price enjoyed a buoyant increase. The growth pace was the most rapid in 2013 an increase of 608%. As a result, the export price attained the peak level of $2,896 per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($6,563 per unit), while the average price for exports to Niger ($357 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+29.9%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria
In 2022, after two years of decline, there was significant growth in supplies from abroad of reciprocating or rotary internal combustion piston engineses, when their volume increased by 35% to 14K units. Overall, imports, however, recorded a precipitous curtailment. Imports peaked at 36K units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
In value terms, imports of reciprocating or rotary internal combustion piston engineses skyrocketed to $14M in 2022. Over the period under review, imports, however, saw a abrupt decrease. Imports peaked at $23M in 2019; however, from 2020 to 2022, imports remained at a lower figure.
| Import of Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 6.6 | 4.5 | 2.6 | 4.5 | -12.0% |
| United States | 1.6 | 0.9 | 0.6 | 3.0 | 23.3% |
| Japan | 4.6 | 3.4 | 1.7 | 2.4 | -19.5% |
| Germany | 0.8 | 0.4 | 0.9 | 1.6 | 26.0% |
| United Arab Emirates | 2.5 | 0.3 | N/A | 0.3 | -50.7% |
| India | 0.4 | 0.3 | 0.1 | 0.2 | -20.6% |
| United Kingdom | 0.8 | 0.3 | 0.3 | 0.2 | -37.0% |
| Italy | 0.1 | 0.1 | 0.1 | 0.1 | 0.0% |
| Taiwan (Chinese) | 1.4 | 0.8 | 0.4 | 0.1 | -58.5% |
| Malaysia | 1.8 | 0.3 | N/A | N/A | -83.3% |
| Others | 2.0 | 2.0 | 2.1 | 2.1 | 1.6% |
| Total | 22.6 | 13.4 | 8.8 | 14.3 | -14.1% |
Top Suppliers of Reciprocating or Rotary Internal Combustion Piston Engines to Nigeria in 2022:
- China (7.6K units)
- Germany (2.6K units)
- Japan (0.7K units)
- United States (0.6K units)
- India (0.5K units)
- United Arab Emirates (0.3K units)
- United Kingdom (0.3K units)
- Italy (0.2K units)
Exports of Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria
In 2022, after three years of growth, there was significant decline in shipments abroad of reciprocating or rotary internal combustion piston engineses, when their volume decreased by -32.5% to 1.1K units. Overall, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 149% against the previous year. The exports peaked at 1.7K units in 2021, and then contracted remarkably in the following year.
In value terms, exports of reciprocating or rotary internal combustion piston engineses expanded modestly to $949K in 2022. In general, total exports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +17.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.0% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 38%. The exports peaked in 2022 and are likely to see steady growth in years to come.
| Export of Reciprocating or Rotary Internal Combustion Piston Engines in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Niger | 82.9 | 258 | 339 | 236 | 41.7% |
| Angola | 28.1 | 43.5 | 89.5 | 216 | 97.4% |
| Netherlands | N/A | N/A | N/A | 144 | 0% |
| Benin | 8.7 | 47.9 | 69.6 | 43.6 | 71.1% |
| Democratic Republic of the Congo | 13.8 | 6.6 | 23.2 | 43.4 | 46.5% |
| United States | N/A | N/A | N/A | 39.1 | 0% |
| Austria | 323 | 368 | 128 | N/A | -37.0% |
| South Africa | N/A | 37.1 | 33.8 | N/A | -8.9% |
| Others | 129 | 47.2 | 225 | 226 | 20.6% |
| Total | 586 | 808 | 908 | 949 | 17.4% |
Top Export Markets for Reciprocating or Rotary Internal Combustion Piston Engines from Nigeria in 2022:
- Niger (660.0 units)
- Angola (268.0 units)
- Democratic Republic of the Congo (89.0 units)
- United States (49.0 units)
- Benin (35.0 units)
- Netherlands (22.0 units)
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