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.
Balance of Trade in Nigeria averaged 204446.40 NGN Millions from 1981 until 2019, 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 May of 2020. source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria is expected to be -20000.00 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 0.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -180000.00 NGN Millions in 2021 and -150000.00 NGN Millions in 2022, according to our econometric models.