China recorded a $17.8 billion trade surplus with Nigeria in 2023, as exports outpaced imports by a ratio of 8.5 to 1

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.

The 2023 trade dynamic between China and Nigeria revealed a significant imbalance in favour of China. China exported $20.18 billion in goods to Nigeria, representing 89.5% of the total trade volume. In contrast, Nigeria exported only $2.37 billion to China, just 10.5% of the total.

This resulted in a substantial trade surplus of nearly $17.8 billion for China. The disparity highlights Nigeria’s reliance on Chinese-manufactured products, machinery, and consumer goods, while primarily supplying raw materials in return.

Source:

Trading Economics, UN Comtrade

Period:

2023
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