In 12 Years, Nigeria Exported $22trn Worth Of Rubber
Nigeria has exported rubber and its articles worth $22 trillion since 2009.
The highest was $10 trillion in 2012, while the lowest was last year with the value put at $21 million.
However, Nigeria exports of rubber have been on the low side since 2009, according to data provided by the International Trade Centre’s – Trade Map, sourced by The Nation.
In 2009, Nigeria exported rubber and articles worth $175,452,000. The value increased to $558,945,000 in 2010. It was $7,455,527,000 in 2011, $10,102,281,000 in 2012, $2,399,602,000 in 2013; $ 92,020,000 in 2014; $63,417,000 in 2015, $ 40,280,000 in 2016; $ 55,253,000 in 2017, $ 41,978,000 in 2018, $ $42,080,000 and $21,063,000 last year.
The exports include natural rubber, balata, gutta-percha, guayule, chicle and similar natural gums, in primary forms or in plates, sheets or strip. Others were tubes, pipes and hoses, of vulcanised rubber other than hard rubber, with or without their fittings, factice derived from oils, mixtures of rubbers.
However, most rubber exports from Nigeria came from natural rubber, balata, gutta-percha, guayule, chicle and similar natural gums. Few volumes of exports were synthetic rubber and factice derived from oils, in primary forms or in plates, sheets or strip.
Also, new, retreaded or used pneumatic tyres of rubber; solid or cushion , treads and flaps, articles of apparel and clothing accessories, gloves, mittens and mitts, vulcanised rubber (excluding hard rubber and footwear and headgear and parts thereof).Nigeria is ranked the 12th largest producer of natural rubber in the world and second in Africa with an estimated output of 200,000 tonnes ,according to Food and Agriculture Organisation (FAO).
Rubber producing states include; Abia, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River,Delta, Ebonyi, Edo, Ekiti, Kogi, Kwara, Ogun, Ondo, Osun, Oyo, Kaduna and Taraba.
Meanwhile, Statista, projects the global market value of rubber totalled around $39.7 billion last year to reach $68.4 billion by the end of 2026, growing at a common annual growth rate (CAGR )of eight per cent.
Globally, the biggest exporters of rubber include Thailand, Indonesia, Cote d’ Ivoire, Vietnam, Malaysia ,Myanmar, Laos, Belgium, Liberia, Guatemala, Singapore and Netherland.
The 15 countries accounted for 95.7 percent of all exports of natural rubber worldwide in 2019, according to Statista, a global research firm. In the year 2000, the firm reported that the combined global production of natural and synthetic rubber amounted to around 17.68 million metric tonnes. By 2020, the amount had increased to 27.4 million metric tonnes.