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.

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Nigeria Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
362684.95 33698.20 2177553.08 -975441.14 1981 - 2019 NGN Millions Monthly


Calendar GMT Actual Previous Consensus TEForecast
2019-12-13 10:00 AM Sep NGN 1079B NGN 134B NGN 680B
2020-03-09 12:00 PM Oct NGN -975.4B NGN 1079B NGN -150B
2020-03-09 12:00 PM Nov NGN 33.7B NGN -975.4B NGN 640B
2020-03-09 12:00 PM Dec NGN 362.7B NGN 33.7B NGN 275B
2020-06-10 09:00 AM Feb NGN 250B
2020-06-10 09:00 AM Jan NGN -122B
2020-06-10 09:00 AM Mar NGN 362.7B NGN 100B
2020-09-16 09:00 AM May


News Stream
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 Trade Surplus Narrows in March
Nigeria's trade surplus decreased to NGN 450 billion in March 2019 from NGN 478.5 billion in the same month a year earlier. Exports dropped 0.2% to NGN 1452 billion, amid declines in sales of raw material (-20.5%); solid minerals (-43.1%) and energy goods (-4.8%). In contrast, they grew for agricultural goods (74.5%); crude oil (0.7%) and manufactured goods (353.6%). Imports rose 2.6% to NGN 1002 billion, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Considering the first quarter of 2019, the country's trade surplus shrank to NGN 832 billion from NGN 1776 billion in the same period of 2018.
2019-06-10

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.