2023
Exports
$2.27MWorld Rnk 69 / 150
Flag Rnk 141 / 1096
2023
PRODUCT COMPLEXITY IN Palm Oil
-2.25Rnk 1010 / 1025
2023
Imports
$420MWorld Rnk 27 / 206
Flag Rnk 18 / 1184
2023
ECONOMIC COMPLEXITY of Nigeria
-1.75Rnk 129 / 132

About

Exports In 2023, Nigeria exported $2.27M in Palm Oil, making it the 69th largest exporter of Palm Oil in the world. At the same year, Palm Oil was the 141st most exported product in Nigeria. The main destination of Palm Oil exports from Nigeria are: United States ($617k), Ghana ($492k), Niger ($464k), Canada ($370k), and United Kingdom ($166k).

The fastest growing export markets for Palm Oil of Nigeria between 2022 and 2023 were Ghana ($460k), Niger ($353k), and United States ($167k).

Imports In 2023, Nigeria imported $420M in Palm Oil, becoming the 27th largest importer of Palm Oil in the world. At the same year, Palm Oil was the 18th most imported product in Nigeria. Nigeria imports Palm Oil primarily from: Malaysia ($299M), Indonesia ($68.2M), Ghana ($32.1M), Cote d'Ivoire ($15.9M), and Benin ($3.04M).

The fastest growing import markets in Palm Oil for Nigeria between 2022 and 2023 were Indonesia ($22M), Malaysia ($13.7M), and Benin ($1.59M).

Latest Trends

Dec 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 Palm Oil. 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 (2023)$2.27M
IMPORTS (2023)$420M
NET TRADE (2023)-$418M

In 2023, Nigeria exported $2.27M in Palm Oil. The main destinations of Nigeria exports on Palm Oil were United States ($617k), Ghana ($492k), Niger ($464k), Canada ($370k), and United Kingdom ($166k).

In 2023, Nigeria imported $420M in Palm Oil, mainly from Malaysia ($299M), Indonesia ($68.2M), Ghana ($32.1M), Cote d'Ivoire ($15.9M), and Benin ($3.04M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Palm Oil EXPORT MARKETS FOR Nigeria WERE (2022 - 2023):
Ghana$460k (1.4k%)
Niger$353k (319%)
United States$167k (37%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Palm Oil BY Nigeria WERE (2022 - 2023):
Benin-$29.1k (-69.5%)
South Africa-$20.2k (-60.9%)
Kenya-$17.8k (-100%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Nigeria's main exporting competitors in Palm Oil were:
In 2023, Nigeria's main importing competitors in Palm Oil were:
India $8.7B
China $4.85B

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Trade Value of Palm Oil by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $979k
TOP IMPORT POTENTIALIndonesia+ $36.2M

Palm Oil’s highest export potential is United States. With an export gap of $979k.   Palm Oil’s highest import potential is Indonesia with an import gap of $36.2M.

See methodology.

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