Nigeria's trade surplus increased to NGN 789.5 billion in December 2018 from NGN 761 billion in the same month a year earlier. It is the largest trade surplus since June. Exports rose 23.9% to NGN 1733.1 billion, boosted by higher sales of crude oil (22%); agricultural goods (108.9%), mostly sesamum seeds; manufactured goods (5.9%); raw material (15.5%) and energy goods (4.9%). Main export partners were India (17.3% of total exports), Spain (12.1%), France (8.7%), South Africa (7.7%) and the US (6.5%). Meantime, imports surged 48% to NGN 943.6 billion, mainly driven by purchases of manufactured goods (88.3%) and raw material (12.5%). The most important import partners were China (31.5% of total imports), India (8.1%), Germany (4.7%), the UK (3.8%), the Netherlands (2.6%), France (2.2%) and South Africa (1.2%). In 2018, the country's trade surplus rose to NGN 5934 billion from NGN 4036 billion in 2017. Balance of Trade in Nigeria averaged 206175.57 NGN Millions from 1981 until 2018, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -622103.84 NGN Millions in August of 2018.
Balance of Trade in Nigeria is expected to be 787497.00 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 -20600.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -176000.00 NGN Millions in 2020, according to our econometric models.