Price for Cocoa; Paste, Wholly or Partly Defatted in Nigeria - 2022

Price for Cocoa; Paste, Wholly or Partly Defatted in Nigeria (FOB) - 2022

In June 2022, the average export price for cocoa; paste, wholly or partly defatted amounted to $2,378 per ton, reducing by -36.8% against the previous month. In general, the export price, however, continues to indicate a modest expansion. The pace of growth appeared the most rapid in September 2021 an increase of 104% against the previous month. The export price peaked at $3,765 per ton in May 2022, and then shrank markedly in the following month.

Average prices varied somewhat for the major export markets. In June 2022, the country with the highest price was Spain ($2,750 per ton), while the average price for exports to Germany stood at $2,102 per ton.

From June 2021 to June 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Cocoa; Paste, Wholly or Partly Defatted in Nigeria (CIF) - 2022

In 2021, the average import price for cocoa; paste, wholly or partly defatted amounted to $2,283 per ton, picking up by 18% against the previous year. Overall, the import price, however, continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2019 an increase of 18%. The import price peaked at $3,444 per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +5.7% per year.

Exports of Cocoa; Paste, Wholly or Partly Defatted in Nigeria

In 2022, exports of cocoa; paste, wholly or partly defatted from Nigeria surged to 8.6K tons, growing by 71% against 2021 figures. Overall, exports showed a resilient expansion. The growth pace was the most rapid in 2021 when exports increased by 551% against the previous year. Over the period under review, the exports of reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of cocoa; paste, wholly or partly defatted surged to $23M in 2022. Over the period under review, exports posted a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 556% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Export of Cocoa; Paste, Wholly or Partly Defatted in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Spain	877	373	1,467	6,631	96.3%
Netherlands	195	95.5	2,969	1,790	109.4%
Estonia	256	100	383	1,094	62.3%
Germany	254	1.9	341	1,069	61.5%
Brazil	405	126	367	947	32.7%
Uruguay	42.6	33.6	170	707	155.1%
Malaysia	180	61.9	208	520	42.4%
Mexico	95.2	55.8	179	428	65.0%
Italy	168	38.6	60.6	285	19.3%
Serbia	34.6	5.1	80.6	193	77.3%
Others	4,804	676	4,055	9,817	26.9%
Total	7,311	1,568	10,280	23,481	47.5%

Top Export Markets for Cocoa; Paste, Wholly or Partly Defatted from Nigeria in 2022:

Spain (2202.2 tons)
Netherlands (641.6 tons)
Germany (457.9 tons)
Malaysia (396.1 tons)
Brazil (353.8 tons)
Estonia (305.5 tons)
Uruguay (262.9 tons)
Mexico (262.3 tons)
Serbia (123.8 tons)
Italy (122.2 tons)

Imports of Cocoa; Paste, Wholly or Partly Defatted in Nigeria

In 2021, imports of cocoa; paste, wholly or partly defatted into Nigeria rose remarkably to 21 tons, picking up by 9.6% on the year before. The total import volume increased at an average annual rate of +9.6% from 2019 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of cocoa; paste, wholly or partly defatted skyrocketed to $48K in 2021. Over the period under review, total imports indicated significant growth from 2019 to 2021: its value increased at an average annual rate of +29.0% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.5% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.