The trade balance in Nigeria swung to a NGN 162.2 billion gap in March of 2020 from a NGN 450 billion surplus a year earlier. Exports plunged 33.5 percent to NGN 965.6 billion, the lowest value since March of 2017 while imports increased 12.6 percent to NGN 1127 billion. Considering Q1, the trade account recorded a NGN 138 billion gap compared to a NGN 831.6 billion surplus a year earlier. Exports went down 10 percent year-on-year as sales of mineral products which account for 85 percent of total shipments, dropped 12 percent, mainly due to crude oil (-12.8 percent). Imports rose 14 percent, mainly purchases of boilers, machinery and appliances (11 percent); mineral products (172.5 percent), namely crude oil (180 percent) and vehicles, aircraft and vessels (27.5 percent). China, India, the Netherlands and Spain were the main trading partners in Q1.

Balance of Trade in Nigeria averaged 202849.10 NGN Millions from 1981 until 2020, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -975441.14 NGN Millions in October of 2019. This page provides - Nigeria Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: National Bureau of Statistics, Nigeria

Balance of Trade in Nigeria is expected to be 700000.00 NGN Millions by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Nigeria to stand at 450000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around 300000.00 NGN Millions in 2021 and 200000.00 NGN Millions in 2022, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Nigeria Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-162246.25 197560.16 2177553.08 -975441.14 1981 - 2020 NGN Millions Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-03-09 12:00 PM Oct NGN -975.4B NGN 1079B NGN -150B
2020-06-10 09:00 AM Mar NGN -162.2B NGN 197.6B NGN 100B
2020-06-10 09:00 AM Jan NGN -174.3B NGN 362.7B NGN -122B
2020-06-10 09:00 AM Feb NGN 197.6B NGN -174.3B NGN 250B
2020-09-16 09:00 AM Jun NGN 250B
2020-09-16 09:00 AM May
2020-09-16 09:00 AM Apr NGN -162.2B
2020-12-10 12:00 PM Aug


News Stream
Nigeria Trade Balance Swings to Deficit
The trade balance in Nigeria swung to a NGN 162.2 billion gap in March of 2020 from a NGN 450 billion surplus a year earlier. Exports plunged 33.5 percent to NGN 965.6 billion, the lowest value since March of 2017 while imports increased 12.6 percent to NGN 1127 billion. Considering Q1, the trade account recorded a NGN 138 billion gap compared to a NGN 831.6 billion surplus a year earlier. Exports went down 10 percent year-on-year as sales of mineral products which account for 85 percent of total shipments, dropped 12 percent, mainly due to crude oil (-12.8 percent). Imports rose 14 percent, mainly purchases of boilers, machinery and appliances (11 percent); mineral products (172.5 percent), namely crude oil (180 percent) and vehicles, aircraft and vessels (27.5 percent). China, India, the Netherlands and Spain were the main trading partners in Q1.
2020-06-10
Nigeria Trade Surplus Narrows in December
Nigeria's trade surplus decreased to NGN 363 billion in December of 2019 from NGN 449 billion in the same month a year ago, as exports soared 48% year-on-year to NGN 1,396 million, driven by shipments of manufactured products (1180%) and crude oil (14.5%). Conversely, sales fell sharply for agricultural goods (-38.9%); raw material goods (-71.3%); solid mineral goods (-79.8%) and energy goods (-51%), reflecting the impact of the country's land borders closure. Imports grew at a slower 26.3% to NGN 1,759 billion, as higher purchases of manufactured products (54.2%); solid mineral goods (63.8%) and raw material goods (13.2%) were partly offset by declines in those of energy goods (-68.5%). Meantime, acquisitions of agricultural products rose only 1.4%. Considering the full year of 2019, the country's trade surplus shrank to USD 2.23 billion, the lowest since 2016, from USD 5.37 billion a year ago.
2020-03-09
Nigeria Posts Largest Trade Surplus since 2014
Nigeria's trade surplus widened sharply to NGN 1079 billion in September 2019 from NGN 772 billion in the same month of the previous year. It was the widest trade surplus since August 2014, as exports climbed 26.5 percent to NGN 2,219 billion, boosted by manufactured products (3041 percent). However, shipments fell for crude oil (-13.9 percent); raw materials (-43.1 percent) and solid minerals (-73.6 percent) and energy goods (-56.6 percent). Imports advanced at a softer 16.1 percent to NGN 1,140 billion, mainly driven by purchases of machinery & transport equipment (111.9 percent); food & live animals (32 percent); chemicals (61.5 percent) and manufactured goods (7.4 percent).
2019-12-13
Nigeria Trade Surplus Narrows in June
Nigeria's trade surplus decreased to NGN 408.7 billion in June 2019 from NGN 805.9 billion in the same month of the previous year. Imports surged 45.8% to NGN 1042 billion, boosted by purchases of manufactured goods (100.5%); raw materials (38.5%); agricultural goods (1.6%) and solid minerals (86.9%). Among major import partners, purchases rose mostly from China (78.7%), India (70.2%), Japan (92.2%) and the US (181.6 percent); but fell from the Netherlands (-23.1%) and Spain (-34.6%). Meantime, exports fell 4.6% to NGN 1451 billion, due to lower shipments of manufactured products (-14.3%); agricultural goods (-36.6%); raw materials (-34.2%); solid minerals (-88.1%) and energy goods (-25.4%). Meanwhile, overseas sales of crude oil went up 0.7%. Among major export partners, sales declined to India (-12.3%), Japan (-75.3%), and the US (-24%); but grew to China (72.8%), Spain (171.3%), the Netherlands (46.6%) and Italy (77.2%).
2019-09-16

Nigeria Balance of Trade
Exports of commodities (oil and natural gas) is the main factor behind Nigeria's growth and accounts for more than 91% of total exports. In 2014, Europe and Asia were the country's main trade partners. Europe accounted for 43% of total sales and 34% of total imports while Asia accounted for 29% of total shipments and 43% of total purchases.