2022
Exports
$14.9MWorld Rnk 55 / 126
Flag Rnk 63 / 1077
2022
PRODUCT COMPLEXITY IN Hot-Rolled Iron Bars
-0.34Rnk 659 / 1025
2022
Imports
$585kWorld Rnk 161 / 210
Flag Rnk 891 / 1182
2022
ECONOMIC COMPLEXITY of Nigeria
-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $14.9M in Hot-Rolled Iron Bars, making it the 55th largest exporter of Hot-Rolled Iron Bars in the world. At the same year, Hot-Rolled Iron Bars was the 63rd most exported product in Nigeria. The main destination of Hot-Rolled Iron Bars exports from Nigeria are: Benin ($14M), Ghana ($929k), and Niger ($10.5k).

The fastest growing export markets for Hot-Rolled Iron Bars of Nigeria between 2021 and 2022 were Benin ($10.7M) and Ghana ($907k).

Imports In 2022, Nigeria imported $585k in Hot-Rolled Iron Bars, becoming the 161st largest importer of Hot-Rolled Iron Bars in the world. At the same year, Hot-Rolled Iron Bars was the 891st most imported product in Nigeria. Nigeria imports Hot-Rolled Iron Bars primarily from: China ($405k), United States ($141k), Denmark ($31.3k), Turkey ($5.88k), and United Kingdom ($749).

The fastest growing import markets in Hot-Rolled Iron Bars for Nigeria between 2021 and 2022 were United States ($140k), Denmark ($31.3k), and Turkey ($5.88k).

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 Hot-Rolled Iron Bars. 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)$14.9M
IMPORTS (2022)$585k
NET TRADE (2022)$14.3M

In 2022, Nigeria exported $14.9M in Hot-Rolled Iron Bars. The main destinations of Nigeria exports on Hot-Rolled Iron Bars were Benin ($14M), Ghana ($929k), and Niger ($10.5k).

In 2022, Nigeria imported $585k in Hot-Rolled Iron Bars, mainly from China ($405k), United States ($141k), Denmark ($31.3k), Turkey ($5.88k), and United Kingdom ($749).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Hot-Rolled Iron Bars EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
Benin$10.7M (332%)
Ghana$907k (4.23k%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Hot-Rolled Iron Bars BY Nigeria WERE (2021 - 2022):
Cameroon-$52.3k (-100%)
Niger-$17.2k (-62.1%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Hot-Rolled Iron Bars were:
Germany $1.64B
China $1.62B
In 2022, Nigeria's main importing competitors in Hot-Rolled Iron Bars were:

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Trade Value of Hot-Rolled Iron Bars by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALGhana+ $633k
TOP IMPORT POTENTIALChina+ $350k

Hot-Rolled Iron Bars’s highest export potential is Ghana. With an export gap of $633k.   Hot-Rolled Iron Bars’s highest import potential is China with an import gap of $350k.

See methodology.

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