South Korea / Nigeria

Overview In February 2024, South Korea exported $50.3M and imported $84.3M from Nigeria, resulting in a negative trade balance of $34M. Between February 2023 and February 2024 the exports of South Korea have increased by $1.35M (2.75%) from $48.9M to $50.3M, while imports decreased by $-61M (-42%) from $145M to $84.3M.

Trade In February 2024, the top exports of South Korea to Nigeria were Plastics & articles thereof ($17M), Organic chemicals ($5.06M), Aluminum articles ($4.01M), Machinery, mechanical appliances, & parts ($2.85M), and Electrical machinery and electronics ($2.68M). In February 2024 the top imports of South Korea from Nigeria were Mineral fuels, mineral oils and products... ($81.6M), Copper articles ($3.5M), Lead articles ($1.01M), Oils seeds, oleaginous fruits, grains, straw... ($526k), and Wood, wood articles, & charcoal ($328k).

Growth In February 2024, the increase in South Korea's year-by-year exports to Nigeria was explained primarily by an increase in product exports in Organic chemicals ($1.89M or 59.5%), Machinery, mechanical appliances, & parts ($641k or 29.1%), and Cars, tractors, trucks & parts thereof. ($632k or 90.8%). In February 2024, the decrease in South Korea's year-by-year imports  from Nigeria was explained primarily by an decrease in product imports  in Mineral fuels, mineral oils and products... ($-21.5M or -20.9%), Copper articles ($-11.2M or -76.2%), and Lead articles ($-317k or -23.9%).