Belgium (BEL) and Nigeria (NGA) Trade | OEC - The Observatory of Economic Complexity

About

Belgium-Nigeria In 2021, Belgium exported $2.34B to Nigeria. The main products that Belgium exported to Nigeria are Refined Petroleum ($1.78B), Vaccines, blood, antisera, toxins and cultures ($147M), and Malt ($55.6M). During the last 22 years the exports of Belgium to Nigeria have increased at an annualized rate of 12.3%, from $181M in 1999 to $2.34B in 2021.

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 In 2021, Nigeria exported $527M to Belgium. The main products that Nigeria exported to Belgium were Petroleum Gas ($222M), Non-Iron and Steel Slag, Ash and Residues ($105M), and Refined Petroleum ($76.6M). During the last 22 years the exports of Nigeria to Belgium have increased at an annualized rate of 13.5%, from $32.8M in 1999 to $527M in 2021.

In 2021, Nigeria did not export any services to Belgium.

Comparison In 2021, Belgium ranked 18 in the Economic Complexity Index (ECI 1.28), and 15 in total exports ($403B). That same year, Nigeria ranked 126 in the Economic Complexity Index (ECI -1.56), and 52 in total exports ($57.7B).

Latest Trends

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January, 2023

About

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Overview In January 2023, Belgium exported €497M and imported €39.4M from Nigeria, resulting in a positive trade balance of €457M. Between January 2022 and January 2023 the exports of Belgium have increased by €32.1M (6.91%) from €464M to €497M, while imports increased by €19.7M (100%) from €19.6M to €39.4M.

Trade In January 2023, the top exports of Belgium to Nigeria were Mineral fuels, mineral oils and products... (€445M), Products of the milling industry (€4.45M), Cars, tractors, trucks & parts thereof. (€3.15M), Machinery, mechanical appliances, & parts (€2.72M), and Edible products of animal origin, n.e.s. (€2.35M). In January 2023 the top imports of Belgium from Nigeria were Mineral fuels, mineral oils and products... (€10.4M), Precious stones, metals, & pearls (€7.48M), Fish, crustaceans, & molluscs (€844k), Cocoa & cocoa preparations (€553k), and Copper articles (€310k).

Growth In January 2023, the increase in Belgium's year-by-year exports to Nigeria was explained primarily by an increase in product exports in Mineral fuels, mineral oils and products... (€395M or 790%), Products of the milling industry (€2.55M or 134%), and Edible products of animal origin, n.e.s. (€2.31M or 6.13k%). In January 2023, 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... (€10.4M or 3.44M%), Precious stones, metals, & pearls (€2.4M or 47.4%), and Fish, crustaceans, & molluscs (€844k or 2.28M%).

Latest Trade

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Flow

Time Scale

Depth

Value

EXPORT GROWTH (January 2022 - January 2023): €32.1M, (6.91%)

IMPORT GROWTH (January 2022 - January 2023): €19.7M, (100%)

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.

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Historical Data

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Bilateral Trade by Products

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Depth

Value

Year

In 2021, Belgium exported $2.34B to Nigeria. The main products exported from Belgium to Nigeria were Refined Petroleum ($1.78B), Vaccines, blood, antisera, toxins and cultures ($147M), and Malt ($55.6M). During the last 22 years the exports of Belgium to Nigeria have increased at an annualized rate of 12.3%, from $181M in 1999 to $2.34B in 2021.

In 2021, Nigeria exported $527M to Belgium. The main products exported from Nigeria to Belgium were Petroleum Gas ($222M), Non-Iron and Steel Slag, Ash and Residues ($105M), and Refined Petroleum ($76.6M). During the last 22 years the exports of Nigeria to Belgium have increased at an annualized rate of 13.5%, from $32.8M in 1999 to $527M in 2021.

Market Competitiveness

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Color

SectionYear

Belgium
Top Destination: Germany, $62.7B

Nigeria
Top Destination: India, $9.07B

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 2021, countries that imported more from Belgium than Nigeria were Germany ($62.7B), France ($59.9B), and Netherlands ($50.4B).

In 2021, countries that imported more from Nigeria than Belgium were India ($9.07B), Indonesia ($2.04B), and Cote d'Ivoire ($1.33B).

Comparative Advantage Belgium - Nigeria

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Flow

Scale

Year

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

During 2021, Belgium had a large net trade with Nigeria in the exports of Mineral Products ($1.79B), Chemical Products ($207M), and Machines ($81.7M).

During 2021, Nigeria had a large net trade with Belgium in the exports of Mineral Products ($474M), Foodstuffs ($21.5M), and Metals ($12.3M).

Service Trade

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Bilateral Service Trade

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Bel Year

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.

Service trade data is presented based on availability.

Economic Complexity

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Competitive Landscape

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Year

This visualization show the product space at the HS4 level colored from blue to yellow. This mean that the more blue a dot/product is, the more Belgium has comparative advantage over Nigeria. Similarly, the more yellow a dot/product is, the more Nigeria has comparative advantage over Belgium.

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Latest Trends

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Latest Trade

Historical Data

Bilateral Trade by Products

Market Competitiveness

Comparative Advantage Belgium - Nigeria

Service Trade

Bilateral Service Trade

Economic Complexity

Competitive Landscape

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