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2023
Flag → Flag
Exports $5.34BRnk 12 / 220
2023
Flag → Flag
Top Product $4.97BRefined Petroleum
2023
Flag → Flag
Exports $404MRnk 31 / 159
2023
Flag → Flag
Top Product $176MPetroleum Gas
2023
Flag
Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
Flag
Economic Complexity (ECI) ECI -1.75Rnk 129 / 132
2023
Flag  
GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
Flag
GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
Flag
 GDP$364BCURRENT US$
Rnk 41 / 195
2013-2023
Flag
GDP GROWTH-30%CURRENT US$
Rnk 191 / 195
2023
Flag
GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
Flag
GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
Flag
GDP PC$1,597CURRENT US$
Rnk 164 / 196
2013-2023
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GDP PC GROWTH-44.4%CURRENT US$
Rnk 192 / 195

About

Belgium-Nigeria Trade: In 2023, Belgium exported $5.34B to Nigeria. The main products that Belgium exported to Nigeria were Refined Petroleum ($4.97B), Vaccines, blood, antisera, toxins and cultures ($46.7M), and Malt ($40.4M). Over the past 5 years the exports of Belgium to Nigeria have increased at an annualized rate of 37.3%, from $1.1B in 2018 to $5.34B in 2023.

In 2020, Belgium exported services to Nigeria worth $32M, with Transportation ($13.7M), Other business services ($12.6M), and Financial services ($3.43M) being the largest in terms of value.

Nigeria-Belgium Trade: In 2023, Nigeria exported $404M to Belgium. The main products that Nigeria exported to Belgium were Petroleum Gas ($176M), Refined Petroleum ($82.6M), and Crude Petroleum ($49.3M). Over the past 5 years the exports of Nigeria to Belgium have increased at an annualized rate of 5.1%,  from $315M in 2018 to $404M in 2023.

In 2023, Nigeria did not export any services to Belgium.

Comparison: In 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B). That same year, Nigeria ranked 129 in the Economic Complexity Index (ECI -1.75), and 52 in total exports ($61B).

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €264M and imported €17.7M from Nigeria, resulting in a positive trade balance of €246M. Between October 2023 and October 2024 the exports of Belgium have decreased by €-159M (-37.5%) from €423M to €264M, while imports increased by €14.9M (529%) from €2.82M to €17.7M.

Trade In October 2024, the top exports of Belgium to Nigeria were Mineral fuels, mineral oils and products... (€464M), Pharmaceutical products (€12.7M), Products of the milling industry (€3.07M), Chemical products n.e.s. (€2.58M), and Machinery, mechanical appliances, & parts (€2.46M). In October 2024 the top imports of Belgium from Nigeria were Mineral fuels, mineral oils and products... (€32.5M), Fertilizers (€1.75M), Precious stones, metals, & pearls (€1.56M), Fish, Crustaceans & Molluscs (€1.19M), and Cocoa & cocoa preparations (€1.16M).

Growth In October 2024, the decrease in Belgium's year-by-year exports to Nigeria was explained primarily by an decrease in product exports in Beverages, spirits, & vinegar (€-1.54M or -82.8%), Products of the milling industry (€-1.38M or -31.1%), and Cars, tractors, trucks & parts thereof. (€-1.16M or -36.8%). In October 2024, the increase in Belgium's year-by-year imports  from Nigeria was explained primarily by an increase in product imports  in Mineral fuels, mineral oils and products... (€22.1M or 213%), Cocoa & cocoa preparations (€611k or 111%), and Fish, Crustaceans & Molluscs (€346k or 41%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€-159M(-37.5%)
IMPORT GROWTH (October 2023 - October 2024)€14.9M(529%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Nigeria and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Nigeria and Belgium Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $5.34B to Nigeria. The main products exported from Belgium to Nigeria were Refined Petroleum ($4.97B), Vaccines, blood, antisera, toxins and cultures ($46.7M), and Malt ($40.4M). During the last 5 years the exports of Belgium to Nigeria have increased at an annualized rate of 37.3%, from $1.1B in 2018 to $5.34B in 2023.

In 2018, Nigeria exported $404M to Belgium. The main products exported from Nigeria to Belgium were Petroleum Gas ($176M), Refined Petroleum ($82.6M), and Crude Petroleum ($49.3M). During the last 5 years the exports of Nigeria to Belgium have increased at an annualized rate of 5.1%, from $315M in 2023 to $404M in 2018.

Exports from Belgium (Flag) to Nigeria (Flag) (2023)

Exports from Nigeria (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Nigeria
Top DestinationUnited States$6.29B

This map shows whether countries import more from Belgium or Nigeria. Each country is colored based on the difference in imports they receive from Belgium and Nigeria or the difference in the growth in imports.

In 2023, countries that imported more from Belgium than Nigeria included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Nigeria than Belgium included Indonesia ($3.44B), Cote d'Ivoire ($2.4B), and South Africa ($2.37B).

Difference in imports from Nigeria (Flag) and Belgium (Flag) (2023)

Comparative Advantage Belgium - Nigeria

Flow
Scale

This chart compares trade between Belgium and Nigeria by product, considering products traded by both, Belgium and Nigeria.

During 2023, Belgium had a large net trade with Nigeria in the exports of Mineral Products ($4.97B), Chemical Products ($118M), and Machines ($76.9M).

During 2018, Nigeria had a large net trade with Belgium in the exports of Mineral Products ($349M), Foodstuffs ($11.6M), and Animal Products ($11.3M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Nigeria+$31.1MCars
Top Product Potential Nigeria Belgium+$282MPetroleum Gas

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Nigeria. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Nigeria. Similarly, a dot/product with the flag of Nigeria indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Nigeria (Flag) (2023)

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