Price for Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria - 2022

Contents:

1. Price for Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria (CIF) - 2022
2. Price for Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria (FOB) - 2022
3. Imports of Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria
4. Exports of Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria

Price for Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria (CIF) - 2022

The average import price for rubber; vulcanised, conveyor belts or belting, reinforced only with textile materialses stood at $3,639 per ton in 2022, rising by 7.7% against the previous year. Overall, the import price, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2021 an increase of 10% against the previous year. Over the period under review, average import prices reached the peak figure at $5,898 per ton in 2012; however, from 2013 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 Italy ($53,795 per ton), while the price for China ($2,020 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+22.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria (FOB) - 2022

In 2022, the average export price for rubber; vulcanised, conveyor belts or belting, reinforced only with textile materialses amounted to $21,054 per ton, with an increase of 39% against the previous year. Overall, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 340%. The export price peaked in 2022 and is likely to continue growth in the near future.

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 Cote d'Ivoire ($71,261 per ton), while the average price for exports to Ghana ($688 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 Cote d'Ivoire (+13.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria

In 2022, imports of rubber; vulcanised, conveyor belts or belting, reinforced only with textile materialses into Nigeria was estimated at 1.5K tons, growing by 1.8% on 2021. Overall, total imports indicated buoyant growth from 2019 to 2022: its volume increased at an average annual rate of +16.1% 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 +56.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 37% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, imports of rubber; vulcanised, conveyor belts or belting, reinforced only with textile materialses rose significantly to $5.3M in 2022. Over the period under review, total imports indicated significant growth from 2019 to 2022: its value increased at an average annual rate of +25.4% 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 +97.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 46%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Top Suppliers of Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials to Nigeria in 2022:

1. China (440.6 tons)
2. South Africa (301.9 tons)
3. Romania (227.6 tons)
4. India (192.7 tons)
5. Netherlands (106.5 tons)
6. Hungary (50.1 tons)
7. Poland (36.0 tons)
8. Turkey (31.7 tons)

Exports of Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials in Nigeria

Exports of rubber; vulcanised, conveyor belts or belting, reinforced only with textile materialses from Nigeria surged to 202 kg in 2022, with an increase of 68% against the year before. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 406% against the previous year. As a result, the exports attained the peak of 551 kg. From 2021 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of rubber; vulcanised, conveyor belts or belting, reinforced only with textile materialses skyrocketed to $4.3K in 2022. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 299%. As a result, the exports attained the peak of $5.8K. From 2021 to 2022, the growth of the exports of failed to regain momentum.

Top Export Markets for Rubber; Vulcanised, Conveyor Belts or Belting, Reinforced Only with Textile Materials from Nigeria in 2022:

1. Angola (76.0 kg)
2. Ghana (64.0 kg)
3. Cote d'Ivoire (46.0 kg)
4. Zimbabwe (13.0 kg)

Source: IndexBox Market Intelligence Platform