Non-Liquid Margarine Price in Nigeria - 2022
Contents:
- Non-Liquid Margarine Price in Nigeria (CIF) - 2022
- Non-Liquid Margarine Price in Nigeria (FOB) - 2022
- Non-Liquid Margarine Imports in Nigeria
- Non-Liquid Margarine Exports in Nigeria
Non-Liquid Margarine Price in Nigeria (CIF) - 2022
The average non-liquid margarine import price stood at $593 per ton in 2022, reducing by -10% against the previous year. Over the period under review, the import price saw a perceptible contraction. The pace of growth was the most pronounced in 2014 when the average import price increased by 53%. Over the period under review, average import prices hit record highs at $1,337 per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ghana ($1,013 per ton), while the price for Benin ($206 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.2%), while the prices for the other major suppliers experienced a decline.
Non-Liquid Margarine Price in Nigeria (FOB) - 2022
The average non-liquid margarine export price stood at $371 per ton in 2022, which is down by -25.8% against the previous year. Over the period under review, the export price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2017 when the average export price increased by 52% against the previous year. Over the period under review, the average export prices reached the peak figure at $1,245 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($2,710 per ton), while the average price for exports to Benin ($89 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.4%), while the prices for the other major destinations experienced a decline.
Non-Liquid Margarine Imports in Nigeria
In 2022, supplies from abroad of non-liquid margarine decreased by -36.2% to 15K tons, falling for the second year in a row after two years of growth. In general, imports saw a abrupt decrease. The growth pace was the most rapid in 2020 when imports increased by 112% against the previous year. As a result, imports reached the peak of 38K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, non-liquid margarine imports fell remarkably to $8.8M in 2022. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 105%. As a result, imports attained the peak of $18M. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Non-Liquid Margarine in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 1.1 | 1.7 | 1.3 | 3.0 | 39.7% |
| Indonesia | 2.8 | 8.2 | 5.2 | 2.2 | -7.7% |
| Ghana | 2.1 | 2.4 | 5.0 | 1.9 | -3.3% |
| China | 0.2 | 1.1 | 0.6 | 0.3 | 14.5% |
| Barbados | 0.7 | 0.8 | 0.7 | 0.3 | -24.6% |
| United States | 0.1 | 0.1 | 0.6 | 0.2 | 26.0% |
| Benin | 0.3 | 0.4 | 0.4 | 0.1 | -30.7% |
| France | 0.4 | 0.5 | N/A | N/A | 25.0% |
| Others | 1.0 | 2.5 | 1.4 | 0.6 | -15.7% |
| Total | 8.7 | 17.8 | 15.3 | 8.8 | 0.4% |
Top Suppliers of Non-Liquid Margarine to Nigeria in 2022:
- France (undefinedK tons)
- Indonesia (5.3K tons)
- Netherlands (4.2K tons)
- Ghana (1.9K tons)
- Barbados (0.8K tons)
- Benin (0.7K tons)
- China (0.5K tons)
- United States (0.3K tons)
Non-Liquid Margarine Exports in Nigeria
In 2022, exports of non-liquid margarine from Nigeria soared to 34 tons, growing by 20% compared with 2021 figures. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 76% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.
In value terms, non-liquid margarine exports reduced to $12K in 2022. Overall, total exports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +18.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +65.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 46%.
| Export of Non-Liquid Margarine in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 2.2 | 3.2 | 6.2 | 5.7 | 37.3% |
| Benin | 1.6 | 2.5 | 2.5 | 2.5 | 16.0% |
| Netherlands | 0.6 | 1.7 | 2.3 | 2.2 | 54.2% |
| Niger | 1.9 | 2.2 | 1.6 | 1.0 | -19.3% |
| Others | 1.3 | 1.4 | 1.4 | 1.1 | -5.4% |
| Total | 7.5 | 11.0 | 14.0 | 12.5 | 18.6% |
Top Export Markets for Non-Liquid Margarine from Nigeria in 2022:
- Benin (27.5 tons)
- Niger (2.2 tons)
- United States (2.1 tons)
- Netherlands (1.0 tons)
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