Nigeria's trade deficit widened to NGN 1123.3 billion in March of 2021 from NGN 554.5 billion in the same month a year ago. Imports surged 44.4% to NGN 2194 billion while exports rose at a softer 11% to NGN 1070 billion. Considering the first quarter of 2021, the country's trade gap widened to a record high of NGN 3944 billion from NGN 330 billion in the same period a year ago, as imports surged 54% to NGN 6851 billion, its highest level in over 12 years, due to higher purchases of energy goods (1347%), agricultural goods (141%) and raw materials (109%). Conversely, exports fell 29.3% to NGN 2907 billion, as shipments fell primarily for manufactured products (-43.7%) and crude oil (-34.5%). China, India, the Netherlands, Spain and the US were the main trading partners in Q1. source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria averaged 176342.72 NGN Millions from 1981 until 2021, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -1507542.69 NGN Millions in February of 2021. 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 July of 2021.
Balance of Trade in Nigeria is expected to be -835000.00 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 -773000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -600000.00 NGN Millions in 2022 and -450000.00 NGN Millions in 2023, according to our econometric models.