Price for Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria - 2023
Contents:
- Price for Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria (CIF) - 2022
- Price for Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria (FOB) - 2022
- Imports of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria
- Exports of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria
Price for Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria (CIF) - 2022
In 2022, the average import price for glass fibres (including glass wool) and articles thereof (eg yarn, woven fabrics) amounted to $1,571 per ton, falling by -18.5% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 42%. Over the period under review, average import prices attained the peak figure at $2,871 per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($35,445 per ton), while the price for China ($944 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+26.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria (FOB) - 2022
The average export price for glass fibres (including glass wool) and articles thereof (eg yarn, woven fabrics) stood at $7,357 per ton in 2022, growing by 405% against the previous year. Over the period under review, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2016 an increase of 3,427% against the previous year. As a result, the export price attained the peak level of $38,454 per ton. From 2017 to 2022, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($12,609 per ton), while the average price for exports to Canada amounted to $1,000 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+32.2%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria
Imports of glass fibres (including glass wool) and articles thereof (eg yarn, woven fabrics) into Nigeria stood at 3.3K tons in 2022, picking up by 11% against the previous year's figure. Overall, total imports indicated strong growth from 2019 to 2022: its volume increased at an average annual rate of +19.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +71.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 72%. Imports peaked in 2022 and are likely to see gradual growth in the near future.
In value terms, imports of glass fibres (including glass wool) and articles thereof (eg yarn, woven fabrics) reduced to $5.3M in 2022. The total import value increased at an average annual rate of +10.9% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 30%.
| Import of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 1,550 | 1,860 | 946 | 1,710 | 3.3% |
| Turkey | 669 | 1,043 | 890 | 1,104 | 18.2% |
| Taiwan (Chinese) | 137 | 369 | 180 | 859 | 84.4% |
| India | 192 | 54.9 | 484 | 556 | 42.5% |
| Germany | 304 | 298 | 241 | 324 | 2.1% |
| Kuwait | 50.8 | 145 | 257 | 162 | 47.2% |
| Singapore | 30.1 | N/A | 2,115 | N/A | 738.2% |
| Others | 923 | 1,261 | 689 | 540 | -16.4% |
| Total | 3,856 | 5,031 | 5,802 | 5,253 | 10.9% |
Top Suppliers of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) to Nigeria in 2022:
- China (1810.1 tons)
- Turkey (600.4 tons)
- Taiwan (Chinese) (495.2 tons)
- India (171.3 tons)
- Kuwait (68.0 tons)
- Germany (52.0 tons)
Exports of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria
In 2022, after three years of growth, there was significant decline in overseas shipments of glass fibres (including glass wool) and articles thereof (eg yarn, woven fabrics), when their volume decreased by -99.8% to 42 kg. In general, exports saw a sharp setback. The growth pace was the most rapid in 2021 when exports increased by 570%. As a result, the exports attained the peak of 21 tons, and then fell dramatically in the following year.
In value terms, exports of glass fibres (including glass wool) and articles thereof (eg yarn, woven fabrics) reduced dramatically to $309 in 2022. Over the period under review, exports recorded a precipitous descent. The most prominent rate of growth was recorded in 2021 with an increase of 33% against the previous year.
| Export of Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Benin | 1.7 | N/A | 1.6 | 0.3 | -43.9% |
| Cote d'Ivoire | 44.0 | 20.7 | 8.6 | N/A | -55.8% |
| Cameroon | 1.9 | 1.4 | 0.3 | N/A | -60.3% |
| Italy | N/A | N/A | 19.4 | N/A | 0% |
| Israel | N/A | 1.0 | N/A | N/A | 0% |
| Canada | N/A | N/A | N/A | N/A | 0% |
| Others | 0.1 | N/A | 0.6 | N/A | 144.9% |
| Total | 47.6 | 23.0 | 30.5 | 0.3 | -81.5% |
Top Export Markets for Glass Fibres (Including Glass Wool) and Articles Thereof (Eg Yarn, Woven Fabrics) from Nigeria in 2022:
- Benin (23.0 kg)
- Canada (19.0 kg)
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