Nigeria

Nigeria ranked No. 61 in total trade value through May with a total of $1.75 billion. Exports totaled $1.16 billion and Imports totaled $592.78 million, a surplus of $565.25 million.

U.S. trade with Nigeria rose to $1.43 billion through May

Nigeria’s trade with the United States rose to $1.43 billion through the first five months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 25.43 percent below its total trade during the same time period last year. U.S. exports to Nigeria decreased 4.35 percent while U.S. imports from Nigeria fell 47.14 percent. The U.S. surplus with Nigeria was $432.67 million.

Through May, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Houston; No. 2 Port of Newark; No. 3 Port of Wilmington, Dela.; No. 4 Port of Baltimore, Md.; and No. 5 Port of Chester, Penn.. During the same period the previous year, the top five were No. 1 Port of Newark; No. 2 Port of Houston; No. 3 Port of Wilmington, Dela.; No. 4 Port of Chester, Penn. and No. 5 Port of Long Beach. In the current time period, the top five accounted for 60.93 percent of Nigeria’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Houston rose 7.47 percent to $487.28 million.
    Exports rose 7.75 percent to $485.92 million. Imports fell 44.33 percent to $1.35 million.
  • Trade with No. 2 Port of Newark fell 52.76 percent to $226.89 million.
    Exports rose 3.7 percent to $19.73 million. Imports fell 55.09 percent to $207.16 million.
  • Trade with No. 3 Port of Wilmington, Dela. fell 51.56 percent to $170.55 million.
    Exports rose 18.34 percent to $28.89 million. Imports fell 56.76 percent to $141.66 million.
  • Trade with No. 4 Port of Baltimore, Md. rose 21.67 percent to $116.15 million.
    Exports rose 15.62 percent to $109.33 million. Imports rose 652.9 percent to $6.82 million.
  • Trade with No. 5 Port of Chester, Penn. fell 63.15 percent to $65.85 million.
    There were no exports. Imports fell 63.15 percent to $65.85 million.

Nigeria ranked No. 61 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 54.

Meanwhile, total U.S. trade with the world increased to $1.48 trillion, down 64.27 percent compared to the same period last year. The nation’s exports dropped 64.62 percent to $582.11 billion; imports dropped 64.04 percent to $898.44 billion. The nation’s top five countries so far this year, by value, are Canada; Mexico; China; Japan and Germany. The overall trade deficit was $316.33 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Nigeria by value through May were the categories of Passenger vehicles; Wheat; LNG, other petroleum gases; Motor vehicle parts; and Gasoline, other fuels, respectively. They accounted for 49.53 percent of total exports to Nigeria.

The value of the top five categories of U.S. imports from Nigeria –– Oil; Gasoline, other fuels; Returned exports, without change; Nitrogenous fertilizers; and LNG, other petroleum gases –– accounted for 92.28 percent of all inbound shipments.

Looking more closely at U.S. exports to Nigeria:

  • Passenger vehicles fell 0.81 percent compared to last year to $263.8 million.
  • Wheat fell 55.86 percent compared to last year to $125.63 million.
  • LNG, other petroleum gases rose 335.88 percent compared to last year to $66.04 million.
  • Motor vehicle parts fell 0.82 percent compared to last year to $63.62 million.
  • Gasoline, other fuels fell 32.37 percent compared to last year to $54.49 million.

Looking more closely at U.S. imports from Nigeria:

  • Oil fell 66.8 percent compared to last year to $459.72 million.
  • Gasoline, other fuels fell 19.95 percent compared to last year to $55.56 million.
  • Returned exports, without change fell 74.22 percent compared to last year to $13.28 million.
  • Nitrogenous fertilizers fell 16.44 percent compared to last year to $9.49 million.
  • LNG, other petroleum gases totaled $8.94 million. The previous year, there were no imports in this category.

In the latest annual figures available, Nigeria recorded $7.79 billion in trade with the United States. Total U.S. exports to Nigeria were $ 3.18 billion and imports from Nigeria were $4.61 billion. The U.S. deficit with Nigeria was $1.43 billion.