Speed Changer Price in Nigeria - 2022
Contents:
- Speed Changer Price in Nigeria (CIF) - 2022
- Speed Changer Price in Nigeria (FOB) - 2022
- Speed Changer Imports in Nigeria
- Speed Changer Exports in Nigeria
Speed Changer Price in Nigeria (CIF) - 2022
In 2022, the average speed changer import price amounted to $3,678 per ton, with a decrease of -40.4% against the previous year. In general, the import price continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2016 when the average import price increased by 65%. The import price peaked at $12,661 per ton in 2018; however, from 2019 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 ($23,132 per ton), while the price for China ($2,001 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 (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.
Speed Changer Price in Nigeria (FOB) - 2022
The average speed changer export price stood at $22,065 per ton in 2022, picking up by 7.6% against the previous year. Overall, the export price, however, continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2018 an increase of 35%. The export price peaked at $34,225 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($200,216 per ton), while the average price for exports to Zimbabwe ($2,513 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 France (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.
Speed Changer Imports in Nigeria
In 2022, approx. 16K tons of speed changers, industrial high-speed drives and gear were imported into Nigeria; increasing by 217% compared with the year before. Over the period under review, imports enjoyed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, speed changer imports skyrocketed to $58M in 2022. In general, imports continue to indicate significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Speed Changer in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 5.5 | 11.1 | 10.9 | 25.7 | 67.2% |
| Germany | 4.1 | 8.6 | 6.5 | 6.8 | 18.4% |
| India | 0.9 | 2.0 | 2.6 | 5.9 | 87.2% |
| Italy | 1.1 | 1.5 | 1.1 | 4.2 | 56.3% |
| United States | 3.0 | 3.2 | 1.7 | 1.7 | -17.2% |
| Others | 7.6 | 8.4 | 8.1 | 13.9 | 22.3% |
| Total | 22.2 | 34.7 | 30.7 | 58.1 | 37.8% |
Top Suppliers of Speed Changer to Nigeria in 2022:
- China (12.8K tons)
- India (1.4K tons)
- Germany (0.4K tons)
- Italy (0.2K tons)
- United States (0.1K tons)
Speed Changer Exports in Nigeria
For the fourth consecutive year, Nigeria recorded growth in overseas shipments of speed changers, industrial high-speed drives and gear, which increased by 6.5% to 98 tons in 2022. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 82% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.
In value terms, speed changer exports rose rapidly to $2.2M in 2022. Over the period under review, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +17.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -11.3% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 83%. As a result, the exports attained the peak of $2.4M. From 2021 to 2022, the growth of the exports failed to regain momentum.
| Export of Speed Changer in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Italy | 109 | 314 | 235 | 696 | 85.5% |
| United Kingdom | 624 | 975 | 343 | 600 | -1.3% |
| Germany | 105 | 377 | 862 | 294 | 40.9% |
| Cote d'Ivoire | 180 | 338 | 162 | 219 | 6.8% |
| Ghana | 82.1 | 157 | 85.7 | 129 | 16.3% |
| Zimbabwe | 13.5 | 50.9 | 98.0 | 127 | 111.1% |
| Others | 217 | 224 | 100 | 96.2 | -23.8% |
| Total | 1,330 | 2,436 | 1,887 | 2,161 | 17.6% |
Top Export Markets for Speed Changer from Nigeria in 2022:
- Zimbabwe (50.6 tons)
- United Kingdom (15.6 tons)
- Germany (13.0 tons)
- Italy (12.4 tons)
- Cote d'Ivoire (1.6 tons)
- Ghana (1.2 tons)
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