Price for Tractors; (Other than Tractors of Heading No 8709) in Nigeria - 2023

Contents:

1. Price for Tractors; (Other than Tractors of Heading No 8709) in Nigeria (CIF) - 2022
2. Price for Tractors; (Other than Tractors of Heading No 8709) in Nigeria (FOB) - 2022
3. Imports of Tractors; (Other than Tractors of Heading No 8709) in Nigeria
4. Exports of Tractors; (Other than Tractors of Heading No 8709) in Nigeria

Price for Tractors; (Other than Tractors of Heading No 8709) in Nigeria (CIF) - 2022

In 2022, the average import price for tractors; (other than tractors of heading no 8709)s amounted to $18,982 per unit, waning by -24.8% against the previous year. Over the period under review, the import price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 48%. Over the period under review, average import prices hit record highs at $34,234 per unit in 2012; however, from 2013 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 Pakistan ($29,538 per unit), while the price for the United States ($13,513 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.7%), while the prices for the other major suppliers experienced a decline.

Price for Tractors; (Other than Tractors of Heading No 8709) in Nigeria (FOB) - 2022

The average export price for tractors; (other than tractors of heading no 8709)s stood at $99,055 per unit in 2022, rising by 40% against the previous year. Over the period under review, the export price saw moderate growth. The most prominent rate of growth was recorded in 2014 an increase of 595% against the previous year. As a result, the export price reached the peak level of $143,657 per unit. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($225,083 per unit), while the average price for exports to Angola ($347 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+117.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tractors; (Other than Tractors of Heading No 8709) in Nigeria

For the fourth year in a row, Nigeria recorded growth in purchases abroad of tractors; (other than tractors of heading no 8709)s, which increased by 6.7% to 6.1K units in 2022. Over the period under review, imports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 97% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, imports of tractors; (other than tractors of heading no 8709)s reduced markedly to $116M in 2022. In general, imports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 148% against the previous year. Over the period under review, imports of hit record highs at $144M in 2021, and then declined dramatically in the following year.

Top Suppliers of Tractors; (Other than Tractors of Heading No 8709) to Nigeria in 2022:

1. China (5710.0 units)
2. Germany (107.0 units)
3. India (86.0 units)
4. Pakistan (50.0 units)
5. United States (44.0 units)
6. United Kingdom (2.0 units)

Exports of Tractors; (Other than Tractors of Heading No 8709) in Nigeria

Exports of tractors; (other than tractors of heading no 8709)s from Nigeria shrank dramatically to 3 units in 2022, falling by -40% on the previous year's figure. In general, exports showed a dramatic shrinkage. The smallest decline of -6.2% was in 2020. Over the period under review, the exports of hit record highs at 16 units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of tractors; (other than tractors of heading no 8709)s dropped sharply to $297K in 2022. Over the period under review, exports saw a precipitous setback. Over the period under review, the exports of reached the peak figure at $877K in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Top Export Markets for Tractors; (Other than Tractors of Heading No 8709) from Nigeria in 2022:

1. Niger (1.0 units)
2. Angola (1.0 units)
3. Benin (1.0 units)

Source: IndexBox Market Intelligence Platform