Shrimp Price in Nigeria - 2022
Contents:
- Shrimp Price in Nigeria (FOB) - 2022
- Shrimp Price in Nigeria (CIF) - 2022
- Shrimp Exports in Nigeria
- Shrimp Imports in Nigeria
Shrimp Price in Nigeria (FOB) - 2022
In June 2022, the average shrimp export price amounted to $13,636 per ton, with a decrease of -3.9% against the previous month. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in August 2021 an increase of 32% month-to-month. The export price peaked at $16,187 per ton in February 2022; however, from March 2022 to June 2022, the export prices remained at a lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was France ($15,508 per ton), while the average price for exports to Belgium ($7,426 per ton) was amongst the lowest.
From June 2021 to June 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+7.2%), while the prices for the other major destinations experienced mixed trend patterns.
Shrimp Price in Nigeria (CIF) - 2022
In 2022, the average shrimp import price amounted to $6,984 per ton, surging by 69% against the previous year. Overall, the import price posted a strong expansion. The pace of growth appeared the most rapid in 2014 when the average import price increased by 777%. The import price peaked at $9,504 per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($9,401 per ton), while the price for China totaled $4,833 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+25.5%), while the prices for the other major suppliers experienced mixed trend patterns.
Shrimp Exports in Nigeria
In 2022, the amount of shrimps exported from Nigeria skyrocketed to 11K tons, increasing by 48% against 2021. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 237% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.
In value terms, shrimp exports amounted to $36M in 2022. Over the period under review, exports showed a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 138%. The exports peaked in 2022 and are likely to see gradual growth in years to come.
| Export of Shrimp in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 17.6 | 10.7 | 26.8 | 28.0 | 16.7% |
| France | 2.9 | 0.2 | 2.9 | 3.1 | 2.2% |
| Belgium | 3.6 | 1.4 | 2.4 | 2.5 | -11.4% |
| United States | 2.3 | 0.7 | 0.8 | 1.3 | -17.3% |
| Spain | 0.6 | N/A | 0.5 | N/A | -8.7% |
| Others | 2.3 | 1.4 | 0.8 | 0.8 | -29.7% |
| Total | 29.3 | 14.4 | 34.2 | 35.7 | 6.8% |
Top Export Markets for Shrimp from Nigeria in 2022:
- Netherlands (9.4K tons)
- France (0.5K tons)
- Belgium (0.4K tons)
- United States (0.1K tons)
Shrimp Imports in Nigeria
In 2022, approx. 30 tons of shrimps were imported into Nigeria; with an increase of 132% against the previous year. Over the period under review, imports, however, showed a precipitous decrease. The pace of growth appeared the most rapid in 2020 with an increase of 308%. As a result, imports reached the peak of 387 tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, shrimp imports soared to $211K in 2022. Overall, imports, however, saw a abrupt decline.
| Import of Shrimp in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 127 | 95.1 | 9.8 | 134 | 1.8% |
| China | 15.2 | 11.0 | 44.1 | 77.3 | 72.0% |
| Brazil | 120 | 771 | N/A | N/A | 542.5% |
| Others | N/A | 3.2 | N/A | N/A | 0% |
| Total | 263 | 880 | 53.9 | 211 | -7.1% |
Top Suppliers of Shrimp to Nigeria in 2022:
- China (16.0 tons)
- Vietnam (14.2 tons)
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