Nigeria: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| Nigeria |
Trade balance as percent of GDP |
|---|---|
| Latest value | -7.68 |
| Year | 1960 |
| Measure | percent |
| Data availability | 1960 - 1960 |
| Average | -7.68 |
| Min - Max | -7.68 - -7.68 |
| Source | The World Bank |
The latest value from 1960 is -7.68 percent, an increase from percent in . In comparison, the world average is -3.77 percent, based on data from 63 countries. Historically, the average for Nigeria from 1960 to 1960 is -7.68 percent. The minimum value, -7.68 percent, was reached in 1960 while the maximum of -7.68 percent was recorded in 1960.
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The value of that indicator for 1960 is -7.68 percent.
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* indicates monthly or quarterly data series
Recent data
The trade balance for Nigeria and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services).
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 127.38 | 2021 | percent |
| Trade openness | 26.17 | 1960 | percent |
| Financial openness | -0.666 | 2021 | index points |
| Exports, percent of GDP | 9.24 | 1960 | percent |
| Exports, billion dollars | 0.39 | 1960 | billion U.S. dollars |
| Imports, percent of GDP | 16.92 | 1960 | percent |
| Imports, billion dollars | 0.71 | 1960 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | -0.04 | 2022 | percent |
| Foreign Direct Investment, billion dollars | -0.19 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | 1,588.28 | 2023 | million dollars (current) |
| Current account, percent of GDP | 0.90 | 2023 | percent |
| Current account, in dollars | -0.81 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -7.68 | 1960 | percent |
| Trade balance, in dollars | -5.16 | 2023 | billion U.S. dollars |
| Reserves | 35.56 | 2022 | billion U.S. dollars |
| Remittances, percent of GDP | 5.65 | 2023 | percent |
| Remittances | 20,500.00 | 2023 | million U.S. dollars |
| Net errors and omissions | -18,016.02 | 2023 | million USD |
| External debt | 21.39 | 2022 | percent |
| Short-term external debt | 22.25 | 2022 | percent |
| Short-term debt to reserves | 61.52 | 2022 | percent |
| Foreign exchange reserves | 37.39 | 9/2022 | billion |