Trade - Page 7 - Intelpoint

Key Takeaways:

In 2023, China’s exports to Nigeria totaled $20.18 billion, while imports from Nigeria reached only $2.37 billion.
China’s trade surplus with Nigeria amounted to approximately $17.8 billion.
Chinese exports accounted for 89.5% of the total bilateral trade, with Nigerian exports making up just 10.5%.
The trade imbalance underscores Nigeria’s strong dependence on Chinese goods and industrial inputs.
For every $1 Nigeria exports to China, it imports $8.50 worth of Chinese products.

Key Takeaways:

The US' trade deficit with Nigeria narrowed significantly, shifting from a $5.14 billion deficit in 2017 to a $1.69 billion surplus in 2024.
US goods exports to Nigeria reached $4.2 billion in 2024, representing a 92% increase from the $2.2 billion recorded in 2017.
US goods imports from Nigeria totalled $5.9 billion in 2024, a 20% decrease from the $7.3 billion recorded in 2017.
The COVID-19 pandemic severely disrupted bilateral trade in 2020, but both imports and exports began recovering steadily from 2021 onwards.
By 2024, trade had rebounded substantially, with US imports from Nigeria reaching $5.87 billion and exports to Nigeria reaching $4.17 billion.
Despite experiencing persistent trade deficits from 2017 through most of the period, the US achieved trade surpluses with Nigeria in 2020 and 2021.
Total goods trade between the US and Nigeria ranged from $4 billion to approximately $10 billion.

Key Takeaways:

Soybeans topped the US' agricultural exports in 2024, followed by corn and beef.
The top 10 agricultural commodities made up 56.6% of the total value of the US' agricultural exports.
Plant-based exports (soybeans, corn, tree nuts, soybean meal, wheat) contributed over 34% of the total agricultural export value.
The combined value of the top 10 exports exceeded $99.73 billion.
Animal proteins (beef, pork, and poultry) together represented 13.9% of total US agricultural exports.

The Netherlands led with 18.6% of South Africa’s citrus exports in 2023.
The U.S. accounted for 5.8% of South Africa’s citrus exports, a small share compared to Europe and UAE.
South African citrus exports to the U.S. in 2023 was valued at $141 million.
Other markets, like the UK and UAE, played a larger role in South Africa’s citrus trade.
Market diversity may reduce the impact of the trending U.S. tariff on South Africa’s overall citrus export.

Djibouti’s inflation reached a peak in 2022, with 5.18%, the highest in the past decade.
The lowest inflation rate occurred in 2015, with a negative value of -0.85%.
From 2014 to 2023, Djibouti experienced fluctuating inflation, with increases in 2016, 2019, and 2022.
Between 2022 and 2023, inflation decreased from 5.18% to 1.50%.
The year 2018 saw the lowest inflation among positive rates, with a modest 0.15%.
The overall trend shows periodic inflation spikes, particularly in 2016, 2019, and 2022, while other years maintained relatively stable or lower inflation.

Key Takeaways:

Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
The manufacturing sector made up just 2.95% of the total export value.
Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
Non-oil sectors collectively made up less than 12% of export value.

Key Takeaways:

Crude oil remains Nigeria’s largest export, while refined petroleum products lead imports.
Natural gas ranks as the second-largest export, contributing 9.71% of the total export value.
The top five imported products account for 32.28% of Nigeria’s global imports.
The top ten exports represent over 95% of Nigeria’s total export value.

Key Takeaways:

Maritime transport dominated Nigeria’s international trade in Q4 2024, accounting for 98.79% of total exports and 90.15% of total imports.
Air transport contributed significantly to imports (9.03%) but played a minimal role in exports (0.64%).
Road and other transport modes made negligible contributions to both imports and exports.
Total trade across all transport modes reached ₦36.6 trillion, resulting in a positive trade balance.

Key takeaways:

Manufactured goods accounted for 44.2% of Nigeria’s total imports.
Petroleum products (excluding crude oil) made up 38% of the import value.
Raw materials represented 11% of the total import value.
Agricultural imports contributed 6.2% to the overall import value.
The total import value stood at ₦60.59 trillion in 2024, from ₦30.86 trillion in 2023.
The energy resources sector made a negligible amount in import value, while no record was made for the crude oil sector.

Key Takeaways:

Mineral fuels and oils dominated the US' imports from Nigeria, totalling $5.28 billion.
Total US imports from Nigeria reached $5.70 billion in 2024.
Non-oil sectors contributed approximately $423 million to the total US imports from Nigeria.
US imports from Nigeria cut across 70 distinct product categories.
The average value across all import categories was $81.4 million.
The top 10 imported goods made up 99.1% of the total imported value.

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