2022
Exports
$132kWorld Rnk 94 / 159
Flag Rnk 386 / 1077
2022
PRODUCT COMPLEXITY IN Electric Furnaces
1.31Rnk 93 / 1025
2022
Imports
$7.36MWorld Rnk 74 / 209
Flag Rnk 516 / 1182
2022
ECONOMIC COMPLEXITY of Nigeria
-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $132k in Electric Furnaces, making it the 94th largest exporter of Electric Furnaces in the world. At the same year, Electric Furnaces was the 386th most exported product in Nigeria. The main destination of Electric Furnaces exports from Nigeria are: India ($84k), Norway ($38.4k), Benin ($6.27k), Niger ($1.43k), and Togo ($1.28k).

The fastest growing export markets for Electric Furnaces of Nigeria between 2021 and 2022 were India ($84k), Norway ($38.4k), and Benin ($5.49k).

Imports In 2022, Nigeria imported $7.36M in Electric Furnaces, becoming the 74th largest importer of Electric Furnaces in the world. At the same year, Electric Furnaces was the 516th most imported product in Nigeria. Nigeria imports Electric Furnaces primarily from: China ($2.9M), India ($2.66M), Italy ($820k), Turkey ($234k), and Germany ($169k).

The fastest growing import markets in Electric Furnaces for Nigeria between 2021 and 2022 were Italy ($633k), India ($514k), and Austria ($95.2k).

Latest Trends

Jul 2024

Subnational Monthly Trade

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Flow
Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Electric Furnaces. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2022)$132k
IMPORTS (2022)$7.36M
NET TRADE (2022)-$7.23M

In 2022, Nigeria exported $132k in Electric Furnaces. The main destinations of Nigeria exports on Electric Furnaces were India ($84k), Norway ($38.4k), Benin ($6.27k), Niger ($1.43k), and Togo ($1.28k).

In 2022, Nigeria imported $7.36M in Electric Furnaces, mainly from China ($2.9M), India ($2.66M), Italy ($820k), Turkey ($234k), and Germany ($169k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Electric Furnaces EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
India$84k (1%)
Norway$38.4k (1%)
Benin$5.49k (701%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Electric Furnaces BY Nigeria WERE (2021 - 2022):
Denmark-$10.6k (-100%)
Kuwait-$5.2k (-100%)
Finland-$5k (-89.4%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Electric Furnaces were:
China $1.22B
Italy $722M
In 2022, Nigeria's main importing competitors in Electric Furnaces were:

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Trade Value of Electric Furnaces by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $72.3k
TOP IMPORT POTENTIALChina+ $1.36M

Electric Furnaces’s highest export potential is India. With an export gap of $72.3k.   Electric Furnaces’s highest import potential is China with an import gap of $1.36M.

See methodology.

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