Nigeria's trade surplus increased to NGN 789.5 billion in December 2018 from NGN 761 billion in the same month a year earlier. It is the largest trade surplus since June. Exports rose 23.9% to NGN 1733.1 billion, boosted by higher sales of crude oil (22%); agricultural goods (108.9%), mostly sesamum seeds; manufactured goods (5.9%); raw material (15.5%) and energy goods (4.9%). Main export partners were India (17.3% of total exports), Spain (12.1%), France (8.7%), South Africa (7.7%) and the US (6.5%). Meantime, imports surged 48% to NGN 943.6 billion, mainly driven by purchases of manufactured goods (88.3%) and raw material (12.5%). The most important import partners were China (31.5% of total imports), India (8.1%), Germany (4.7%), the UK (3.8%), the Netherlands (2.6%), France (2.2%) and South Africa (1.2%). In 2018, the country's trade surplus rose to NGN 5934 billion from NGN 4036 billion in 2017. Balance of Trade in Nigeria averaged 206175.57 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 -622103.84 NGN Millions in August of 2018.

Balance of Trade in Nigeria is expected to be 787497.00 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 -20600.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -176000.00 NGN Millions in 2020, according to our econometric models.

Nigeria Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-11 08:40 AM Balance of Trade NGN 489.1B NGN 805.9B NGN 528.2B
2019-03-04 08:30 AM Balance of Trade NGN 251B NGN 772B NGN -450B
2019-03-04 08:30 AM Balance of Trade NGN 401B NGN 251B NGN 720B
2019-03-04 08:30 AM Balance of Trade NGN 790B NGN 401B NGN -240B
2019-05-23 09:30 AM Balance of Trade
2019-05-23 09:30 AM Balance of Trade
2019-05-23 09:30 AM Balance of Trade NGN 790B NGN 650B


Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade 789468.78 400661.49 2177553.08 -622103.84 NGN Millions [+]
Current Account 1104.57 -1544.41 10383.67 -5695.27 USD Million [+]
Current Account to GDP 2.00 -1.80 32.80 -18.70 percent [+]
Imports 943616.31 1259407.56 2209385.78 167.88 NGN Millions [+]
Exports 1733085.08 1660069.04 2648881.76 322.93 NGN Millions [+]
Terms of Trade 109.20 111.10 160.25 49.48 Index Points [+]
Foreign Direct Investment 438.84 435.64 3084.90 435.64 USD Million [+]
Capital Flows -2327.91 10724.18 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.40 21.40 21.40 21.37 Tonnes [+]
Crude Oil Production 1685.00 1690.00 2475.00 675.00 BBL/D/1K [+]
External Debt 21591.68 29591.68 29591.68 3627.50 USD Million [+]
Terrorism Index 8.66 9.01 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 April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
789468.78 400661.49 2177553.08 -622103.84 1981 - 2018 NGN Millions Monthly




Country Last Previous
Argentina 460.00 Feb/19
Australia 4801.00 Feb/19
Brazil 4990.00 Mar/19
Canada -2894.80 Feb/19
China 326.47 Mar/19
Euro Area 17938.00 Feb/19
France -4002.00 Feb/19
Germany 17900.00 Feb/19
India -10890.00 Mar/19
Indonesia 540.20 Mar/19
Italy 3267.83 Feb/19
Japan 528.50 Mar/19
Mexico 1222.00 Feb/19
Netherlands 5130.00 Feb/19
Russia 15671.00 Feb/19
Saudi Arabia 180059.00 Dec/18
Singapore 3615.50 Mar/19
South Africa 3990.00 Feb/19
South Korea 5222.00 Mar/19
Spain -4483276.00 Jan/19
Switzerland 2494.00 Mar/19
Turkey -2134.33 Feb/19
United Kingdom -4860.00 Feb/19
United States -49382.00 Feb/19


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