Price for Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria - 2022
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria (CIF) - 2022
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria (FOB) - 2022
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria (CIF) - 2022
The average import price for spices; mixtures of 2 or more products of the same heading stood at $869 per ton in 2022, waning by -12.8% against the previous year. Over the period under review, the import price continues to indicate a pronounced slump. The growth pace was the most rapid in 2014 when the average import price increased by 41%. Over the period under review, average import prices reached the maximum at $2,496 per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.
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 Morocco ($3,974 per ton), while the price for China ($508 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+17.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria (FOB) - 2022
The average export price for spices; mixtures of 2 or more products of the same heading stood at $482 per ton in 2022, dropping by -16.9% against the previous year. Over the period under review, the export price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2014 an increase of 86% against the previous year. The export price peaked at $4,165 per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.
Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was India ($459 per ton), while the average price for exports to China amounted to $320 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+7,012.8%), while the prices for the other major destinations experienced a decline.
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria
In 2022, approx. 34K tons of spices; mixtures of 2 or more products of the same heading were imported into Nigeria; picking up by 216% on the previous year. In general, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, imports of spices; mixtures of 2 or more products of the same heading soared to $30M in 2022. Over the period under review, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | N/A | N/A | 1.1 | 11.8 | 972.7% |
| China | 3.6 | 2.0 | 3.6 | 10.9 | 44.7% |
| Morocco | 1.8 | 2.8 | 2.1 | 2.4 | 10.1% |
| Spain | N/A | N/A | 0.5 | 1.2 | 140.0% |
| India | 5.7 | 2.8 | 1.4 | 0.9 | -46.0% |
| Others | 1.0 | 2.1 | 2.1 | 2.6 | 37.5% |
| Total | 12.2 | 9.8 | 10.8 | 29.8 | 34.7% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to Nigeria in 2022:
- China (21.5K tons)
- United Kingdom (9.2K tons)
- Spain (1.2K tons)
- Morocco (0.6K tons)
- India (0.5K tons)
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria
In 2022, the amount of spices; mixtures of 2 or more products of the same heading exported from Nigeria soared to 4.3K tons, picking up by 17% compared with the year before. Overall, exports recorded significant growth. The pace of growth was the most pronounced in 2021 with an increase of 11,900% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.
In value terms, exports of spices; mixtures of 2 or more products of the same heading dropped slightly to $2.1M in 2022. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 4,311%. As a result, the exports reached the peak of $2.1M, and then dropped modestly in the following year.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 66.3 | N/A | 1,766 | 1,753 | 197.9% |
| China | 12.5 | N/A | N/A | 76.0 | 82.5% |
| Vietnam | 224 | N/A | N/A | N/A | 0% |
| United States | 83.5 | N/A | N/A | N/A | 0% |
| Indonesia | N/A | N/A | 43.0 | N/A | 0% |
| Others | 109 | 47.8 | 300 | 225 | 27.3% |
| Total | 495 | 47.8 | 2,109 | 2,054 | 60.7% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from Nigeria in 2022:
- India (3.8K tons)
- China (0.2K tons)
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