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Pricing

2022
Flag → Flag
Exports $7.72BRnk 11 / 222
2022
Flag → Flag
Top Product $6.83BRefined Petroleum
2022
Flag → Flag
Exports $719MRnk 24 / 166
2022
Flag → Flag
Top Product $236MPetroleum Gas
2022
Flag
Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
Flag
Economic Complexity (ECI) ECI -1.67Rnk 127 / 133
2022
Flag  
GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
Flag
GDP GROWTH16.6%CURRENT US$
Rnk 131 / 186
2022
Flag
 GDP$477BCURRENT US$
Rnk 30 / 186
2012-2022
Flag
GDP GROWTH2.89%CURRENT US$
Rnk 159 / 186
2022
Flag
GDP PC $49,583CURRENT US$
Rnk 19 / 186
2012-2022
Flag
GDP PC GROWTH11%CURRENT US$
Rnk 112 / 186
2022
Flag
GDP PC$2,184CURRENT US$
Rnk 146 / 186
2012-2022
Flag
GDP PC GROWTH-19.9%CURRENT US$
Rnk 173 / 186

About

Belgium-Nigeria Trade: In 2022, Belgium exported $7.72B to Nigeria. The main products that Belgium exported to Nigeria were Refined Petroleum ($6.83B), Vaccines, blood, antisera, toxins and cultures ($515M), and Malt ($32M). Over the past 5 years the exports of Belgium to Nigeria have increased at an annualized rate of 46.3%, from $1.15B in 2017 to $7.72B in 2022.

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 2022, Nigeria exported $719M to Belgium. The main products that Nigeria exported to Belgium were Petroleum Gas ($236M), Refined Petroleum ($183M), and Crude Petroleum ($148M). Over the past 5 years the exports of Nigeria to Belgium have increased at an annualized rate of 30.7%,  from $189M in 2017 to $719M in 2022.

In 2022, Nigeria did not export any services to Belgium.

Comparison: In 2022,  Belgium ranked 19 in the Economic Complexity Index (ECI 1.25), and 13 in total exports ($475B). That same year, Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67), and 51 in total exports ($70.7B).

Latest Trends

July, 2024

About

Overview In July 2024, Belgium exported €356M and imported €50.7M from Nigeria, resulting in a positive trade balance of €306M. Between July 2023 and July 2024 the exports of Belgium have increased by €35.8M (11.2%) from €321M to €356M, while imports increased by €32.4M (177%) from €18.3M to €50.7M.

Trade In July 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 July 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 July 2024, 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... (€18.7M or 4.19%), Pharmaceutical products (€12M or 1.76k%), and Chemical products n.e.s. (€1.85M or 255%). In July 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 (July 2023 - July 2024)€35.8M(11.2%)
IMPORT GROWTH (July 2023 - July 2024)€32.4M(177%)

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 2022, Belgium exported $7.72B to Nigeria. The main products exported from Belgium to Nigeria were Refined Petroleum ($6.83B), Vaccines, blood, antisera, toxins and cultures ($515M), and Malt ($32M). During the last 5 years the exports of Belgium to Nigeria have increased at an annualized rate of 46.3%, from $1.15B in 2017 to $7.72B in 2022.

In 2017, Nigeria exported $719M to Belgium. The main products exported from Nigeria to Belgium were Petroleum Gas ($236M), Refined Petroleum ($183M), and Crude Petroleum ($148M). During the last 5 years the exports of Nigeria to Belgium have increased at an annualized rate of 30.7%, from $189M in 2022 to $719M in 2017.

Exports from Belgium (Flag) to Nigeria (Flag) (2022)

Exports from Nigeria (Flag) to Belgium (Flag) (2022)

Market Competitiveness

Color
Belgium
Top DestinationGermany$91.9B
Nigeria
Top DestinationSpain$9.41B

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 2022, countries that imported more from Belgium than Nigeria included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

In 2022, countries that imported more from Nigeria than Belgium included Indonesia ($3.83B), Cote d'Ivoire ($1.97B), and Gibraltar ($1.15B).

Difference in imports from Nigeria (Flag) and Belgium (Flag) (2022)

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 2022, Belgium had a large net trade with Nigeria in the exports of Mineral Products ($6.83B), Chemical Products ($581M), and Machines ($79.3M).

During 2017, Nigeria had a large net trade with Belgium in the exports of Mineral Products ($623M), Transportation ($46.9M), and Animal Products ($13.9M).

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) (2022)

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