Nigeria Balance of Trade

Nigeria recorded a trade surplus of 406710 Millions Nigerian Naira in June of 2013. Balance of Trade in Nigeria is reported by the National Bureau of Statistics, Nigeria. Balance of Trade in Nigeria averaged 457934.08 Millions Nigerian Naira from 2002 until 2013, reaching an all time high of 2177790 Millions Nigerian Naira in October of 2011 and a record low of -592183 Millions Nigerian Naira in March of 2011. Exports of commodities (oil and natural gas) is the main factor behind Nigeria's growth and accounts for more than 95% of total exports. Nigeria's main exports partners are: USA (30% of total in 2009), Equatorial Guinea (8%), Brazil (6.6%), France (6%) and India (6%). Nigeria imports mainly: industrial supplies (32% of total), transport equipment and parts (23%), capital goods (24%), food and beverage (11%) and consumer goods. Main import partners are: China (17% of total), Albania (11.3%), United States (7.5%), France and Belgium. This page provides - Nigeria Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-16

Actual Previous Highest Lowest Forecast Dates Unit Frequency
406710.00 960603.00 2177790.00 -592183.00 523957.36 | 2013/07 2002 - 2013 Millions Nigerian Naira Monthly

TO

Nigeria Balance of Trade
LIST BY COUNTRY

Trade Last Previous Highest Lowest Forecast Unit
Current Account to GDP 7.10 2013-12-31 10.80 37.90 -18.70 6.86 2014-12-31 Percent [+]
Balance of Trade 406710.00 2013-06-15 960603.00 2177790.00 -592183.00 523957.36 2013-07-31 Millions Nigerian Naira [+]
Current Account 9035.27 2013-09-30 9163.07 9455.37 -4410.00 5357.85 2013-12-31 USD Million [+]
Crude Oil Production 2370.00 2013-10-15 2420.00 2695.00 675.00 Thousands Barrels per Day [+]
Exports 944492.90 2013-06-15 1476880.00 2648920.00 115556.00 1198459.49 2013-07-31 Millions Nigerian Naira [+]
Imports 537782.90 2013-06-15 516280.00 1554730.00 59635.15 586138.68 2013-07-31 Millions Nigerian Naira [+]
[+]


Balance of Trade | Notes
The balance of trade is the difference between the monetary value of exports and imports in an economy over a certain period of time. A positive balance of trade is known as a trade surplus and occurs when value of exports is higher than that of imports; a negative balance of trade is known as a trade deficit or a trade gap.


RELATED NEWS

Nigerian Inflation Rate Edges Up Slightly in March  
The annual consumer prices in Nigeria accelerated to 7.8 percent in March of 2014, from 7.7 percent recorded in February, as food cost edged up. Compared with the same period a year earlier, the inflation rate slowed down from 8.6 in March of 2013.
Nigeria Central Bank Leaves Rate on Hold and Hikes Reserve Ratio  
The Monetary Policy Committee decided on March 25th to hold the interest rate at 12 percent, as the Central Bank agreed to continue the existing tight monetary policies. It also decided to increase the cash reserves requirement for private sector deposits by 300 bps to 15 percent.
Nigeria Inflation Falls to 6-Year Low  
In February of 2014, Nigeria annual inflation rate decelerated to 7.7 percent, down from 8 percent in January, as all consumer prices slowed. The central bank targets consumer inflation between 6 and 9 percent.
Nigeria Inflation Rate Unchanged at 8% in January  
In January of 2014, Nigeria annual inflation rate remained steady at 8 percent. All major prices were relatively unchanged for the second consecutive month at the single digit rate.
Nigeria’s GDP May Rise after Rebasing Exercise  
Nigeria National Bureau of Statistics will replace the present GDP price structure (base year) for the first time in 23 years with a more recent one to reflect structural changes in the economy.
Nigeria GDP Expands 7.67% in Q4 2013  
According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 7.67 percent year-on-year in the last quarter of 2013, higher than the revised figure of 6.81 and 6.99 percent recorded in the third quarter and the corresponding period of 2012, respectively. For 2013, growth rate was estimated at 6.87 percent, up from 6.58 percent in 2012.
Bank of Nigeria Holds Key Rate at 12%  
In its January 20th and 21st, 2014 meeting, the Monetary Policy Committee of the Central Bank of Nigeria decided to leave the benchmark interest rate unchanged at 12 percent for the fourteenth straight meeting.
Nigeria Inflation Rate Rises in December  
In December of 2013, Nigeria annual inflation rate rose slightly to 8 percent, from 7.9 percent in November. Nigeria's central bank sets 2014 consumer inflation between 6 and 9 percent.
Nigeria Inflation Rate Accelerates in November  
In November of 2013, Nigeria inflation rate edged up for the first time in four months to 7.9 percent, mainly due to higher food prices. The October reading at 7.8 percent was the lowest in more than five years.
Central Bank of Nigeria Leaves Rate Unchanged in November  
In its 19th of November meeting, the Monetary Policy Committee of the Central Bank of Nigeria decided to leave the benchmark interest rate unchanged at 12 percent. The Committee cited attaining price and exchange rates stability, and warned of possible tightening in 2014.
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Euro Area Inflation Rate Confirmed at 0.5% in March  
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