Price for Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria - 2023

Contents:

1. Price for Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria (CIF) - 2022
2. Price for Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria (FOB) - 2023
3. Imports of Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria
4. Exports of Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria

Price for Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria (CIF) - 2022

In 2022, the average import price for synthetic staple fibres, not carded, combed or otherwise processed for spinnings amounted to $3,319 per ton, surging by 8.2% against the previous year. Overall, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for synthetic staple fibres, not carded, combed or otherwise processed for spinnings increased by +77.7% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 97% against the previous year. As a result, import price attained the peak level of $3,890 per ton. From 2018 to 2022, the average 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 Japan ($7,386 per ton), while the price for Thailand ($2,110 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria (FOB) - 2023

The average export price for synthetic staple fibres, not carded, combed or otherwise processed for spinnings stood at $1,436 per ton in December 2023, picking up by 50% against the previous month. In general, the export price saw a buoyant increase. The most prominent rate of growth was recorded in May 2023 when the average export price increased by 263% m-o-m. The export price peaked in December 2023.

Average prices varied noticeably for the major external markets. In December 2023, the country with the highest price was Belgium ($1,481 per ton), while the average price for exports to the UK stood at $1,374 per ton.

From January 2023 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria

In 2022, the amount of synthetic staple fibres, not carded, combed or otherwise processed for spinnings imported into Nigeria skyrocketed to 15K tons, with an increase of 42% on 2021 figures. The total import volume increased at an average annual rate of +11.3% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of synthetic staple fibres, not carded, combed or otherwise processed for spinnings skyrocketed to $48M in 2022. Over the period under review, imports enjoyed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning to Nigeria in 2022:

1. China (4.0K tons)
2. Thailand (2.0K tons)
3. South Korea (0.5K tons)
4. Japan (0.3K tons)
5. India (0.3K tons)

Exports of Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning in Nigeria

In 2022, approx. 6.3K tons of synthetic staple fibres, not carded, combed or otherwise processed for spinnings were exported from Nigeria; rising by 18% compared with 2021 figures. Over the period under review, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 999%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, exports of synthetic staple fibres, not carded, combed or otherwise processed for spinnings shrank remarkably to $2.4M in 2022. In general, exports, however, showed a noticeable decline. The most prominent rate of growth was recorded in 2021 with an increase of 700%. As a result, the exports attained the peak of $3.3M, and then fell significantly in the following year.

Top Export Markets for Synthetic Staple Fibres, Not Carded, Combed or Otherwise Processed for Spinning from Nigeria in 2022:

1. Lithuania (479.9 tons)
2. Morocco (422.0 tons)
3. Portugal (370.0 tons)
4. Germany (359.5 tons)
5. Poland (223.4 tons)
6. Indonesia (82.6 tons)
7. Netherlands (80.3 tons)

Source: IndexBox Market Intelligence Platform