Price for Machines; Parts and Accessories, of Heading No. 8472 in Nigeria - 2023

Contents:

1. Price for Machines; Parts and Accessories, of Heading No. 8472 in Nigeria (CIF) - 2022
2. Price for Machines; Parts and Accessories, of Heading No. 8472 in Nigeria (FOB) - 2022
3. Imports of Machines; Parts and Accessories, of Heading No. 8472 in Nigeria
4. Exports of Machines; Parts and Accessories, of Heading No. 8472 in Nigeria

Price for Machines; Parts and Accessories, of Heading No. 8472 in Nigeria (CIF) - 2022

In 2022, the average import price for machines; parts and accessories, of heading no. 8472 amounted to $22,990 per ton, picking up by 3.9% against the previous year. Over the period under review, the import price, however, recorded a deep setback. The pace of growth appeared the most rapid in 2015 an increase of 50% against the previous year. Over the period under review, average import prices hit record highs at $66,484 per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($134,479 per ton), while the price for South Africa ($2,976 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Machines; Parts and Accessories, of Heading No. 8472 in Nigeria (FOB) - 2022

The average export price for machines; parts and accessories, of heading no. 8472 stood at $198,804 per ton in 2022, picking up by 514% against the previous year. In general, the export price saw a prominent expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 862% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($363,177 per ton), while the average price for exports to the Netherlands ($51,062 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 Germany (+19.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machines; Parts and Accessories, of Heading No. 8472 in Nigeria

In 2022, imports of machines; parts and accessories, of heading no. 8472 into Nigeria shrank rapidly to 140 tons, with a decrease of -17.3% against the previous year. In general, total imports indicated a strong expansion from 2019 to 2022: its volume increased at an average annual rate of +8.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 67%. As a result, imports reached the peak of 169 tons, and then dropped markedly in the following year.

In value terms, imports of machines; parts and accessories, of heading no. 8472 fell to $3.2M in 2022. Overall, imports showed a abrupt downturn. The smallest decline of -3.8% was in 2021.

Top Suppliers of Machines; Parts and Accessories, of Heading No. 8472 to Nigeria in 2022:

1. China (96.7 tons)
2. South Africa (16.9 tons)
3. Germany (5.4 tons)
4. United Kingdom (4.6 tons)
5. Belgium (2.8 tons)
6. United States (1.3 tons)
7. India (1.1 tons)
8. United Arab Emirates (0.7 tons)

Exports of Machines; Parts and Accessories, of Heading No. 8472 in Nigeria

In 2022, after three years of growth, there was significant decline in overseas shipments of machines; parts and accessories, of heading no. 8472, when their volume decreased by -68.9% to 516 kg. Overall, exports saw a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by 145%. As a result, the exports reached the peak of 1.7 tons, and then fell markedly in the following year.

In value terms, exports of machines; parts and accessories, of heading no. 8472 surged to $103K in 2022. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 155% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Top Export Markets for Machines; Parts and Accessories, of Heading No. 8472 from Nigeria in 2022:

1. Germany (186.0 kg)
2. Netherlands (177.0 kg)
3. South Korea (149.0 kg)

Source: IndexBox Market Intelligence Platform