Nigeria recorded a trade deficit of NGN 807.2 billion in June of 2020 compared to a surplus of NGN 410.4 billion in the same month a year ago. It was the largest monthly trade shortfall since October of 2019, as exports plunged 46.1% to NGN 782.9 billion, due to Covid-19 pandemic restrictions and lockdowns. Meanwhile, imports jumped 52.5% to NGN 1,590 billion. Considering Q2, the trade account shifted to a NGN 1,803 billion gap compared to a surplus of NGN 591 billion a year ago. Exports slipped 51.7% year-on-year, as shipments of mineral products which account for 84% of total shipments, tumbled 57%, mainly due to crude oil (-60.5%). Meantime, imports went up just 0.4%, as a plunge in purchases of mineral products (-73%) outweighed increases in those of boilers, machinery & appliances (2.4%) and chemicals (98%). China, Spain, the Netherlands, the US and India were the main trading partners in Q2.
Balance of Trade in Nigeria averaged 197165.29 NGN Millions from 1981 until 2020, 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 September of 2020. source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria is expected to be 700000.00 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 450000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around 840000.00 NGN Millions in 2021 and 200000.00 NGN Millions in 2022, according to our econometric models.