Post by Ismail AbdulAzeez 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).
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 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%).
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 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.
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.