Nigeria

In 2013, the value of merchandise exports of Nigeria decreased substantially by 36.7 percent to reach 90.6 bln US$, while its merchandise imports increased substantially by 24.3 percent to reach 44.6 bln US$ (see graph 1, table 2 and table 3). The merchandise trade balance recorded a large surplus of 46.0 bln US$ (see graph 1). The largest merchandise trade balance was with MDG Developed Europe at 24.1 bln US$ (see graph 4). Merchandise exports in Nigeria were diversified amongst partners; imports were also diversified. The top 13 partners accounted for 80 percent or more of exports and 17 partners accounted for 80 percent or more of imports (see graph 5). In 2012, the value of exports of services of Nigeria decreased substantially by 29.1 percent, reaching 2.4 bln US$, while its imports of services decreased slightly by 2.6 percent and reached 24.1 bln US$ (see graph 2). There was a large trade in services deficit of 21.7 bln US$.

Related Subject(s): International Trade and Finance

Countries: Nigeria