Nigeria's trade surplus decreased to NGN 408.7 billion in June 2019 from NGN 805.9 billion in the same month of the previous year. Imports surged 45.8% to NGN 1042 billion, boosted by purchases of manufactured goods (100.5%); raw materials (38.5%); agricultural goods (1.6%) and solid minerals (86.9%). Among major import partners, purchases rose mostly from China (78.7%), India (70.2%), Japan (92.2%) and the US (181.6 percent); but fell from the Netherlands (-23.1%) and Spain (-34.6%). Meantime, exports fell 4.6% to NGN 1451 billion, due to lower shipments of manufactured products (-14.3%); agricultural goods (-36.6%); raw materials (-34.2%); solid minerals (-88.1%) and energy goods (-25.4%). Meanwhile, overseas sales of crude oil went up 0.7%. Among major export partners, sales declined to India (-12.3%), Japan (-75.3%), and the US (-24%); but grew to China (72.8%), Spain (171.3%), the Netherlands (46.6%) and Italy (77.2%). Balance of Trade in Nigeria averaged 205344.05 NGN Millions from 1981 until 2019, 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 910000.00 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 1020000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around 840000.00 NGN Millions in 2020, according to our econometric models.