Price for Textile Machinery; Spinning Machines in Nigeria - 2022
Contents:
- Price for Textile Machinery; Spinning Machines in Nigeria (CIF) - 2022
- Imports of Textile Machinery; Spinning Machines in Nigeria
Price for Textile Machinery; Spinning Machines in Nigeria (CIF) - 2022
The average textile machinery; spinning machines import price stood at $12,801 per unit in 2022, which is down by -5.5% against the previous year. Overall, the import price, however, showed a slight expansion. The growth pace was the most rapid in 2018 when the average import price increased by 166%. As a result, import price reached the peak level of $15,778 per unit. From 2019 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 the United Arab Emirates ($29,263 per unit), while the price for the UK ($6 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Textile Machinery; Spinning Machines in Nigeria
For the third year in a row, Nigeria recorded decline in overseas purchases of textile machinery; spinning machineses, which decreased by -5.6% to 17 units in 2022. Over the period under review, imports showed a sharp decrease. Imports peaked at 62 units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
In value terms, textile machinery; spinning machines imports shrank to $218K in 2022. In general, imports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. Over the period under review, imports reached the peak figure at $340K in 2019; however, from 2020 to 2022, imports failed to regain momentum.
| Import of Textile Machinery; Spinning Machines in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Arab Emirates | 252 | 115 | 147 | 117 | -22.6% |
| China | 45.3 | 55.1 | 35.4 | 58.7 | 9.0% |
| India | 2.1 | 2.9 | 39.9 | 26.8 | 133.7% |
| Germany | 27.5 | 12.3 | 15.4 | 12.0 | -24.2% |
| Canada | 13.2 | 4.0 | 3.5 | 1.9 | -47.6% |
| United States | 0.2 | 1.7 | 1.8 | 1.2 | 81.7% |
| United Kingdom | N/A | N/A | N/A | N/A | 0% |
| Others | N/A | N/A | 0.7 | N/A | 0% |
| Total | 340 | 191 | 244 | 218 | -13.8% |
Top Suppliers of Textile Machinery; Spinning Machines to Nigeria in 2022:
- China (5.0 units)
- United Arab Emirates (4.0 units)
- India (4.0 units)
- Canada (1.0 units)
- United States (1.0 units)
- United Kingdom (1.0 units)
- Germany (1.0 units)
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