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.

Nigeria Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-10 07:55 AM Balance of Trade Mar NGN 450B NGN 404B NGN 465B
2019-09-16 08:00 AM Balance of Trade Apr NGN 217B NGN 450B NGN 645B
2019-09-16 08:00 AM Balance of Trade May NGN -36.9B NGN 217B NGN 570B
2019-09-16 08:00 AM Balance of Trade Jun NGN 409B NGN -36.9B NGN 750B
2019-12-10 12:00 PM Balance of Trade Sep NGN 680B
2019-12-10 12:00 PM Balance of Trade Aug NGN 220B
2019-12-10 12:00 PM Balance of Trade Jul NGN 409B NGN 350B


Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade 408661.17 -36900.36 2177553.08 -622103.84 NGN Millions [+]
Current Account -2858.88 -2818.95 10383.67 -5695.27 USD Million [+]
Current Account to GDP 2.30 2.80 32.80 -18.70 percent [+]
Imports 1042434.99 1547034.65 2209385.78 167.88 NGN Millions [+]
Exports 1451096.16 1510134.29 2648881.76 322.93 NGN Millions [+]
Terms of Trade 101.20 101.70 160.25 49.48 Index Points [+]
Foreign Direct Investment 909.54 1150.51 3084.90 314.44 USD Million [+]
Capital Flows -3297.03 -4696.54 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.46 21.50 21.50 21.37 Tonnes [+]
Crude Oil Production 1870.00 1760.00 2475.00 675.00 BBL/D/1K [+]
External Debt 25609.63 25274.36 25609.63 3627.50 USD Million [+]
Terrorism Index 8.66 9.01 9.31 3.86 [+]
Remittances 5916.57 5853.10 6270.24 3836.61 USD Million [+]


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 October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
408661.17 -36900.36 2177553.08 -622103.84 1981 - 2019 NGN Millions Monthly




Country Last Previous
Argentina 1168.00 Aug/19
Australia 5926.00 Aug/19
Brazil 2250.00 Sep/19
Canada -955.30 Aug/19
China 396.50 Sep/19
Euro Area 14702.40 Aug/19
France -5019.00 Aug/19
Germany 16205.00 Aug/19
India -10860.00 Sep/19
Indonesia -160.50 Sep/19
Italy 2585.00 Aug/19
Japan -136.30 Aug/19
Mexico 775.00 Aug/19
Netherlands 3879.00 Aug/19
Russia 12006.00 Aug/19
Saudi Arabia 127500.00 Jun/19
Singapore 3833.90 Sep/19
South Africa 6842.94 Aug/19
South Korea 5973.00 Sep/19
Spain -2490000.00 Jul/19
Switzerland 2881.00 Sep/19
Turkey -2500.39 Aug/19
United Kingdom -1546.00 Aug/19
United States -54896.00 Aug/19


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