Waxes; Artificial, Prepared Price in Nigeria - 2022

Contents:

1. Waxes; Artificial, Prepared Price in Nigeria (CIF) - 2022
2. Waxes; Artificial, Prepared Price in Nigeria (FOB) - 2022
3. Waxes; Artificial, Prepared Imports in Nigeria
4. Waxes; Artificial, Prepared Exports in Nigeria

Waxes; Artificial, Prepared Price in Nigeria (CIF) - 2022

The average waxes; artificial, prepared import price stood at $2,474 per ton in 2022, picking up by 54% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The import price peaked at $3,168 per ton in 2014; however, from 2015 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 the United States ($7,758 per ton), while the price for China ($945 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 (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Waxes; Artificial, Prepared Price in Nigeria (FOB) - 2022

The average waxes; artificial, prepared export price stood at $1,164 per ton in 2022, dropping by -13% against the previous year. Over the period under review, the export price, however, continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2016 an increase of 181%. Over the period under review, the average export prices reached the maximum at $2,990 per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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 Canada ($2,095 per ton), while the average price for exports to Niger totaled $1,081 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+3,374.9%), while the prices for the other major destinations experienced more modest paces of growth.

Waxes; Artificial, Prepared Imports in Nigeria

After three years of growth, supplies from abroad of waxes; artificial, prepared decreased by -39% to 2.3K tons in 2022. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 47%.

In value terms, waxes; artificial, prepared imports contracted to $5.8M in 2022. Over the period under review, total imports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +9.9% 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 decreased by -20.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 66% against the previous year. As a result, imports attained the peak of $7.2M. From 2021 to 2022, the growth of imports remained at a lower figure.

Top Suppliers of Waxes; Artificial, Prepared to Nigeria in 2022:

1. Poland (597.5 tons)
2. China (451.9 tons)
3. India (365.2 tons)
4. Spain (258.3 tons)
5. South Africa (146.5 tons)
6. South Korea (141.9 tons)
7. Greece (120.5 tons)
8. Italy (92.2 tons)

Waxes; Artificial, Prepared Exports in Nigeria

In 2022, approx. 14 tons of waxes; artificial, prepared were exported from Nigeria; with a decrease of -6.9% compared with the previous year. In general, exports showed a precipitous curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 16%.

In value terms, waxes; artificial, prepared exports fell sharply to $16K in 2022. Overall, exports showed a sharp decrease. The pace of growth appeared the most rapid in 2021 with an increase of 62% against the previous year.

Top Export Markets for Waxes; Artificial, Prepared from Nigeria in 2022:

1. Niger (13.2 tons)
2. Canada (0.4 tons)

Source: IndexBox Market Intelligence Platform