Nigeria (NGA) and Venezuela (VEN) Trade | The Observatory of Economic Complexity

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Nigeria-Venezuela Trade: In 2022, Nigeria exported $339k to Venezuela. The main products that Nigeria exported to Venezuela were Ethylene Polymers ($384k), Cut Flowers ($107k), and Float Glass ($2.51k). Over the past 10 years the exports of Nigeria to Venezuela have increased at an annualized rate of 26.7%, from $31.9k in 2012 to $339k in 2022.

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

Venezuela-Nigeria Trade: In 2022, Venezuela exported $7.05M to Nigeria. The main products that Venezuela exported to Nigeria were Animal Food ($319k), Tanned Equine and Bovine Hides ($309k), and Liquid Pumps ($114k). Over the past 10 years the exports of Venezuela to Nigeria have decreased at an annualized rate of 4.56%, from $11.2M in 2012 to $7.05M in 2022.

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

Comparison: In 2022, Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67), and 51 in total exports ($70.7B). That same year, Venezuela ranked 107 in the Economic Complexity Index (ECI -0.87), and 132 in total exports ($4.3B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Nigeria exported $339k to Venezuela. The main products exported from Nigeria to Venezuela were Ethylene Polymers ($384k), Cut Flowers ($107k), and Float Glass ($2.51k). During the last 10 years the exports of Nigeria to Venezuela have increased at an annualized rate of 26.7%, from $31.9k in 2012 to $339k in 2022.

In 2017, Venezuela exported $7.05M to Nigeria. The main products exported from Venezuela to Nigeria were Animal Food ($319k), Tanned Equine and Bovine Hides ($309k), and Liquid Pumps ($114k). During the last 22 years the exports of Venezuela to Nigeria have decreased at an annualized rate of 4.56%, from $11.2M in 1995 to $7.05M in 2017.

Exports from Nigeria () to Venezuela () (2022)

Exports from Venezuela () to Nigeria () (2022)

Latest Data

Trade between Nigeria () and Venezuela ()

Nigeria Exports

Date

Feb 2018

Feb 2011

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Nigeria
Top DestinationSpain$9.41B

Venezuela
Top DestinationChina$703M

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

In 2022, countries that imported more from Nigeria than Venezuela included Spain ($9.41B), India ($8.2B), and France ($4.95B).

In 2022, countries that imported more from Venezuela than Nigeria included Lebanon ($150M), Guatemala ($84.5M), and Montenegro ($75.9M).

Difference in imports from Venezuela () and Nigeria () (2022)

Comparative Advantage Nigeria - Venezuela

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Nigeria had a large net trade with Venezuela in the exports of Plastics and Rubbers ($384k), Vegetable Products ($107k), and Stone And Glass ($2.51k).

During 2017, Venezuela had a large net trade with Nigeria in the exports of Foodstuffs ($319k), Animal Hides ($309k), and Machines ($114k).

Potential Exports

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Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Nigeria () to Venezuela () (2022)

Exports from Venezuela () to Nigeria () (2022)

Latest Data

Trade between Nigeria () and Venezuela ()

Nigeria Exports

Market Competitiveness

Difference in imports from Venezuela () and Nigeria () (2022)

Comparative Advantage Nigeria - Venezuela

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Nigeria () and Venezuela () (2022)

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