Price for Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria - 2022

Contents:

1. Price for Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria (FOB) - 2022
2. Price for Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria (CIF) - 2022
3. Exports of Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria
4. Imports of Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria

Price for Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria (FOB) - 2022

The average export price for terpenic oils; gum, wood or sulphate turpentine oilses stood at $1,949 per ton in 2022, growing by 62% against the previous year. Over the period under review, the export price recorded a prominent expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by 93% against the previous year. The export price peaked at $2,964 per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to -7.1% per year.

Price for Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria (CIF) - 2022

The average import price for terpenic oils; gum, wood or sulphate turpentine oilses stood at $2,047 per ton in 2022, with a decrease of -41.5% against the previous year. Overall, the import price, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 75%. As a result, import price attained the peak level of $3,499 per ton, and then fell markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($11,402 per ton), while the price for India ($1,038 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria

In 2022, overseas shipments of terpenic oils; gum, wood or sulphate turpentine oilses decreased by -99.5% to 17 tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a significant curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 399% against the previous year. As a result, the exports reached the peak of 3.9K tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of terpenic oils; gum, wood or sulphate turpentine oilses contracted rapidly to $33K in 2022. Overall, exports saw a precipitous contraction. The most prominent rate of growth was recorded in 2020 with an increase of 862% against the previous year. As a result, the exports reached the peak of $8.7M. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

Top Export Markets for Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils from Nigeria in 2022:

1. United Arab Emirates (17.0 tons)

Imports of Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils in Nigeria

In 2022, imports of terpenic oils; gum, wood or sulphate turpentine oilses into Nigeria skyrocketed to 23 tons, increasing by 60% against the previous year's figure. Overall, imports saw a significant increase. The growth pace was the most rapid in 2020 when imports increased by 1,191%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of terpenic oils; gum, wood or sulphate turpentine oilses fell to $46K in 2022. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 751% against the previous year.

Top Suppliers of Terpenic Oils; Gum, Wood or Sulphate Turpentine Oils to Nigeria in 2022:

1. India (14.7 tons)
2. China (3.8 tons)
3. Germany (3.3 tons)
4. United Kingdom (0.5 tons)
5. United States (0.4 tons)

Source: IndexBox Market Intelligence Platform