Post by Trade facilitator on Oct 19, 2019 19:48:32 GMT 1
Nigeria is the 49th largest export economy in the world. Nigeria enjoys a positive annual trade balance of $8.26 billion after deducting imports of $39.5 billion from its export total of $47.8 billion.
Nigeria’s Top 5 Commodity Exports
Crude Petroleum $36.9 billion
Petroleum Gas $7.39 billion
Refined Petroleum $603 million
Cocoa Beans $504 millio
Rough Wood $333 million
Other Notable Exports
1. Scrap Copper – $133 million
2. Tanned Goat Hides – $106 million
3. Cocoa Butter – $76.1 million
4. Rolled Tobacco – $65.1 million
5. Rubber – $57.1 million
The top exports destination of Nigeria are India ($9.1 billion), Spain ($4.63 billion), South Africa ($4.58 billion), Brazil ($4.14 billion) and the Netherlands ($3.37 billion).
Other facts
Crude Petroleum
Exports of crude petroleum are vital to Nigeria’s export economy and account for 77% of all its exports. Nigeria has a 5% share of an annual crude petroleum global export market worth $740 billion and every one of the top fifteen exporting countries suffered declines in their export values over the last five years.
Petroleum Gas
Petroleum gas exports account for 15% of Nigeria’s total exports and that gives the country 2.6% share of a worldwide export market that is worth $287 billion annually.
Japan is a major export market for Nigeria’s petroleum gas exports, taking 32% of their outp followed by Spain (11%), India (9.9%), South Korea (9.7%) and Brazil (9.7%).
Refined Petroleum
Exports of refined petroleum represent 1.3% of Nigeria’s yearly export total but the country does not feature as one of the top fifteen exporting countries.
Although the global market for refined petroleum exports is currently worth $504 billion, this is a 50% drop over a five-year period when worldwide shipments totaled $1.05 trillion.
Cocoa Beans
Cocoa production is also important to the Nigeri economy as it's the primary agricultural export of the country.
Nigeria is the fifth largest exporting country in the world and has a 5.3% market share of a global market that is worth $9.5 billion.
The Netherlands is a major destination for Nigeria’s cocoa bean exports, taking 67% of thei annual total, with Germany (14%) being the second largest importer of this commodity.
Rough Wood
The value of the worldwide rough wood export market is worth $10.5 billion per year and Nigeria has a 2.2% market share, competing with Cameroon as the leading African nation for rough wood exports.
China almost exclusively receives all of Nigeria’s rough wood exports and imports 93% of their annual shipments, with Vietnam (5.7%) and Indi (1.2%) being the only other countries noted.
