Price for Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria - 2023
Contents:
- Price for Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria (CIF) - 2022
- Price for Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria (FOB) - 2022
- Imports of Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria
- Exports of Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria
Price for Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria (CIF) - 2022
In 2022, the average import price for machinery; parts of the machinery of heading no. 8425 amounted to $6,815 per ton, waning by -26.3% against the previous year. Over the period under review, the import price recorded a deep contraction. The pace of growth was the most pronounced in 2021 when the average import price increased by 24%. The import price peaked at $17,852 per ton in 2013; however, from 2014 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 the United Arab Emirates ($20,874 per ton), while the price for India ($2,518 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria (FOB) - 2022
The average export price for machinery; parts of the machinery of heading no. 8425 stood at $1,007 per ton in 2021, declining by -76.6% against the previous year. In general, the export price showed a significant curtailment. The pace of growth appeared the most rapid in 2014 when the average export price increased by 34% against the previous year. Over the period under review, the average export prices hit record highs at $14,244 per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($27,475 per ton), while the average price for exports to Cameroon ($383 per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+15.2%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria
In 2022, after three years of growth, there was significant decline in overseas purchases of machinery; parts of the machinery of heading no. 8425, when their volume decreased by -11.6% to 638 tons. Over the period under review, total imports indicated strong growth from 2019 to 2022: its volume increased at an average annual rate of +11.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 54%.
In value terms, imports of machinery; parts of the machinery of heading no. 8425 dropped dramatically to $4.3M in 2022. Overall, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +5.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 43%.
| Import of Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 614 | 2,131 | 336 | 1,901 | 45.7% |
| India | 83.2 | 119 | 196 | 566 | 89.5% |
| China | 509 | 762 | 1,190 | 466 | -2.9% |
| Italy | 116 | 202 | 175 | 434 | 55.2% |
| United Kingdom | 222 | 72.5 | 870 | 230 | 1.2% |
| Turkey | 43.4 | 51.8 | 6.6 | 146 | 49.8% |
| France | 27.7 | 84.3 | 2,614 | 92.0 | 49.2% |
| South Africa | 452 | 547 | 689 | 49.0 | -52.3% |
| Mexico | 249 | N/A | 0.3 | N/A | -96.5% |
| Others | 1,403 | 1,334 | 591 | 463 | -30.9% |
| Total | 3,720 | 5,304 | 6,668 | 4,347 | 5.3% |
Top Suppliers of Machinery; Parts of the Machinery of Heading No. 8425 to Nigeria in 2022:
- India (225.0 tons)
- United States (185.9 tons)
- China (96.6 tons)
- Italy (38.3 tons)
- Turkey (22.1 tons)
- United Kingdom (18.2 tons)
- South Africa (8.8 tons)
- France (6.5 tons)
Exports of Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria
After two years of growth, overseas shipments of machinery; parts of the machinery of heading no. 8425 decreased by -82.2% to 6.4 tons in 2021. Overall, exports continue to indicate a sharp descent. The most prominent rate of growth was recorded in 2020 with an increase of 27% against the previous year. As a result, the exports reached the peak of 36 tons, and then declined notably in the following year.
In value terms, exports of machinery; parts of the machinery of heading no. 8425 declined dramatically to $6.5K in 2021. In general, exports faced a precipitous shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 17%. As a result, the exports attained the peak of $155K, and then shrank significantly in the following year.
| Export of Machinery; Parts of the Machinery of Heading No. 8425 in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| Cote d'Ivoire | 2.5 | 1.5 | 3.4 | 16.6% | |
| Cameroon | N/A | N/A | 2.3 | 0% | |
| Netherlands | 76.4 | 152 | 0.7 | -90.4% | |
| South Africa | N/A | 0.4 | 0.1 | -75.0% | |
| Others | 53.9 | 1.6 | N/A | -97.0% | |
| Total | 133 | 155 | 6.5 | -77.9% | |
Top Export Markets for Machinery; Parts of the Machinery of Heading No. 8425 from Nigeria in 2022:
- Cameroon (6.1 tons)
- Netherlands (0.1 tons)
- Cote d'Ivoire (0.1 tons)
- South Africa (0.1 tons)
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