Nigeria posted a trade surplus of NGN 971 billion in March of 2022, compared with a deficit of NGN 873 billion in the same month of the previous year. It was the largest trade surplus since September of 2019, as exports jumped 154 percent to NGN 2805 billion boosted by shipments of raw materials (606 percent), crude oil (208.5 percent) and solid minerals (109 percent). Among major export partners, sales rose mainly to Europe (277 percent), notably Italy (759 percent) and Spain (433 percent); Asia (86.9 percent), namely India (78.3 percent) and America (116.8 percent), including the US (553 percent) and Canada (258 percent). Meanwhile, imports fell 7.3 percent to NGN 1834 billion, on lower purchases of energy products (-97.5 percent). Among major import partners, purchases decreased mostly from Asia (-16.2 percent), namely India (-22.1 percent) and Europe (-10.9 percent), of which Spain (-73 percent), the Netherlands (-57 percent) and Italy (-44 percent). source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria averaged 191824.97 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 -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 July of 2022.
Balance of Trade in Nigeria is expected to be 1200000.00 NGN Millions by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Balance of Trade is projected to trend around 50000.00 NGN Millions in 2023 and -150000.00 NGN Millions in 2024, according to our econometric models.