Nigeria’s trade surplus widened to NGN 887.6 billion in June 2018 from NGN 108.8 billion in the same month a year earlier. It was the largest trade surplus since August 2014.
Exports jumped 48.9 percent year-on-year to NGN 1482.2 billion, boosted by sales of crude oil (59.8 percent); agricultural goods (86.3 percent); solid mineral (236.5 percent); manufactured goods (10.7 percent) and raw material (8.5 percent). The most important export partners were: India (16.2 percent of total exports), Netherlands (10.3 percent), Spain (9.6 percent) and South Africa (8.1 percent).
Imports fell 32.9 percent to NGN 594.6 billion, due to lower purchases of food & live animals (-15.1 percent); mineral fuel (-89.2 percent); miscellaneous manufactured articles (-8 percent) and raw material (-73.6 percent). Main import partners were: China (25.2 percent of total imports), Netherlands (8.6 percent), Belgium (8.1 percent), and India (6.9 percent).
Balance of Trade in Nigeria averaged 201916.59 NGN Millions from 1981 until 2018, 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.
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 October of 2018.