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.