Nigeria - HANDELSBALANS

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%).

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.

Nigeria's trade surplus increased to NGN 789.5 billion in December 2018 from NGN 761 billion in the same month a year earlier. It is the largest trade surplus since June. Exports rose 23.9% to NGN 1733.1 billion, boosted by higher sales of crude oil (22%); agricultural goods (108.9%), mostly sesamum seeds; manufactured goods (5.9%); raw material (15.5%) and energy goods (4.9%). Main export partners were India (17.3% of total exports), Spain (12.1%), France (8.7%), South Africa (7.7%) and the US (6.5%). Meantime, imports surged 48% to NGN 943.6 billion, mainly driven by purchases of manufactured goods (88.3%) and raw material (12.5%). The most important import partners were China (31.5% of total imports), India (8.1%), Germany (4.7%), the UK (3.8%), the Netherlands (2.6%), France (2.2%) and South Africa (1.2%). In 2018, the country's trade surplus rose to NGN 5934 billion from NGN 4036 billion in 2017.