Nigeria's trade surplus decreased to NGN 450 billion in March 2019 from NGN 478.5 billion in the same month a year earlier. Exports dropped 0.2% to NGN 1452 billion, amid declines in sales of raw material (-20.5%); solid minerals (-43.1%) and energy goods (-4.8%). In contrast, they grew for agricultural goods (74.5%); crude oil (0.7%) and manufactured goods (353.6%). Imports rose 2.6% to NGN 1002 billion, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Considering the first quarter of 2019, the country's trade surplus shrank to NGN 832 billion from NGN 1776 billion in the same period of 2018. Balance of Trade in Nigeria averaged 205403.43 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 1015000.00 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 700000.00 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
width
height
Forecast Data Chart
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.


Calendar GMT Actual Previous Consensus TEForecast
2019-03-04 08:30 AM Balance of Trade Oct NGN 251B NGN 772B NGN -450B
2019-06-10 07:55 AM Balance of Trade Mar NGN 450B NGN 404B NGN 465B
2019-06-10 07:55 AM Balance of Trade Jan NGN -122B NGN 449B NGN 570B
2019-06-10 07:55 AM Balance of Trade Feb NGN 504B NGN -122B NGN 350B
2019-08-26 08:00 AM Balance of Trade Jun NGN 980B
2019-08-26 08:00 AM Balance of Trade May NGN 570B
2019-08-26 08:00 AM Balance of Trade Apr NGN 504B NGN 645B


Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade 450034.62 503798.02 2177553.08 -622103.84 NGN Millions [+]
Current Account -1087.90 1104.57 10383.67 -5695.27 USD Million [+]
Current Account to GDP 3.70 2.00 32.80 -18.70 percent [+]
Imports 1001962.25 929475.94 2209385.78 167.88 NGN Millions [+]
Exports 1451996.87 1433273.96 2648881.76 322.93 NGN Millions [+]
Terms of Trade 95.10 99.60 160.25 49.48 Index Points [+]
Foreign Direct Investment 1150.51 314.44 3084.90 314.44 USD Million [+]
Capital Flows -4882.78 -2327.91 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.50 21.40 21.50 21.37 Tonnes [+]
Crude Oil Production 1948.00 1802.00 2475.00 675.00 BBL/D/1K [+]
External Debt 25609.63 21591.68 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 August of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
450034.62 503798.02 2177553.08 -622103.84 1981 - 2019 NGN Millions Monthly




Country Last Previous
Argentina 1061.00 Jun/19
Australia 8036.00 Jun/19
Brazil 2290.00 Jul/19
Canada 135.80 Jun/19
China 450.50 Jul/19
Euro Area 20611.70 Jun/19
France -5187.00 Jun/19
Germany 16821.00 Jun/19
India -13430.00 Jul/19
Indonesia -60.00 Jul/19
Italy 5728.50 Jun/19
Japan -249.59 Jul/19
Mexico 2561.00 Jun/19
Netherlands 5158.00 Jun/19
Russia 12508.00 Jun/19
Saudi Arabia 131636.00 Mar/19
Singapore 2831.10 Jul/19
South Africa 4419.50 Jun/19
South Korea 2441.00 Jul/19
Spain -2110200.00 May/19
Switzerland 2700.00 Jul/19
Turkey -3177.27 Jun/19
United Kingdom 1779.00 Jun/19
United States -55154.00 Jun/19


Related

Latest