Nigeria Balance of Trade  1981-2018 | Data | Chart | Calendar | Forecast

Nigeria's trade balance posted a surplus of NGN 589.9 billion in September of 2017, compared with a NGN 0.49 billion deficit in the same month of the previous year. Exports jumped 69% from the previous year to NGN 1287.2 billion, mainly boosted by higher sales of crude oil (69.4%); other oil products (53.8%), manufactured goods (23.4%), raw material (617%) and agricultural (160%). Main export partners were: India (17.4%), the US (13.9%), Spain (10%) and Netherlands (6.8%). Meanwhile, imports dropped 13.9% to NGN 697.2 billion, as purchases fell for manufactured goods (-4%); other crude oil products (-37%) and raw material (10%). The most important imports partners were: China (22.3%); the US (8%), Netherlands (7.6%), India (5%) and the UK (4.1%). Considering the third quarter of the year, exports increased 53.9% and imports declined 4.5%, shifting the country’s trade balance into a NGN 1225 billion surplus from a NGN 135.9 deficit in the same period of 2016. Balance of Trade in Nigeria averaged 194684.84 NGN Millions from 1981 until 2017, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -592200.72 NGN Millions in March of 2011.

Nigeria Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2017-12-14 10:50 AM Balance of Trade NGN 305.4B NGN 150B NGN 190B
2017-12-14 10:50 AM Balance of Trade NGN 329.2B NGN 305.4B
2017-12-14 10:50 AM Balance of Trade NGN 589.9B NGN 329.2B
2018-03-08 03:40 PM Balance of Trade NGN 373.8B
2018-03-08 03:40 PM Balance of Trade NGN 447.7B
2018-03-08 03:40 PM Balance of Trade NGN 589.9B


Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade 589958.89 329216.72 2177553.08 -592200.72 NGN Millions [+]
Exports 1287244.60 1172014.20 2648881.76 322.93 NGN Millions [+]
Imports 697285.71 842797.48 1554732.90 167.88 NGN Millions [+]
Current Account 2292.79 1414.21 10383.67 -5695.27 USD Million [+]
Current Account to GDP -1.80 -3.10 32.80 -18.70 percent [+]
Terms of Trade 101.69 104.87 160.25 49.48 Index Points [+]
Foreign Direct Investment 891.25 853.87 3084.90 501.83 USD Million [+]
Capital Flows 3106.73 4341.73 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.37 21.37 21.37 21.37 Tonnes [+]
Crude Oil Production 1751.00 1600.00 2475.00 675.00 BBL/D/1K [+]
External Debt 15352.13 15050.00 15352.13 3627.50 USD Million [+]
Terrorism Index 9.01 9.31 9.31 3.86 [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



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. This page provides - Nigeria Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Balance of Trade - actual data, historical chart and calendar of releases - was last updated on January of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
589958.89 329216.72 2177553.08 -592200.72 1981 - 2017 NGN Millions Monthly




balance of trade by Country
Country Last
Australia -628.00 Nov/17
Brazil 4997.77 Dec/17
Canada -2540.40 Nov/17
China 546.85 Dec/17
Euro Area 26272.60 Nov/17
France -5692.00 Nov/17
Germany 23700.00 Nov/17
India -14880.19 Dec/17
Indonesia -270.00 Dec/17
Italy 4829.68 Nov/17
Japan 113.36 Nov/17
Mexico 399.21 Nov/17
Netherlands 5157.00 Oct/17
Russia 9832.00 Oct/17
South Korea 5783.00 Dec/17
Spain -2511365.00 Oct/17
Switzerland 2633.00 Nov/17
Turkey -6320.40 Nov/17
United Kingdom -2804.00 Nov/17
United States -50497.00 Nov/17


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