HS Icon Refined Petroleum in  Flag Nigeria

2019
Exports | Imports
: $556M | $10B, World Rnk 69 / 214
Flag Rnk 7 / 1001 | World Rnk 19 / 225
Flag Rnk 1 / 1191

2018 - 2019
FASTEST GROWING MARKET | FASTEST GROWING ORIGIN
: $96.8M | $491M, United Kingdom |  Netherlands

2019
ECONOMIC COMPLEXITY of Nigeria
: -1.78, Rnk 143 / 147

2019
PRODUCT COMPLEXITY  IN Refined Petroleum
: -0.87, Rnk 800 / 1029

Exports In 2019, Nigeria exported $556M in Refined Petroleum, making it the 69th largest exporter of Refined Petroleum in the world. At the same year, Refined Petroleum was the 7th most exported product in Nigeria. The main destination of Refined Petroleum exports from Nigeria are: United States ($110M), Netherlands ($98.1M), United Kingdom ($96.8M), France ($59.5M), and Belgium ($49.7M).

The fastest growing export markets for Refined Petroleum of Nigeria between 2018 and 2019 were United Kingdom ($96.8M), South Korea ($46.1M), and Germany ($31M).

Imports In 2019, Nigeria imported $10B in Refined Petroleum, becoming the 19th largest importer of Refined Petroleum in the world. At the same year, Refined Petroleum was the 1st most imported product in Nigeria. Nigeria imports Refined Petroleum primarily from: Netherlands ($4.33B), Belgium ($2.14B), United Kingdom ($635M), Norway ($557M), and Benin ($356M).

The fastest growing import markets in Refined Petroleum for Nigeria between 2018 and 2019 were Netherlands ($491M), Benin ($355M), and India ($256M).

Tariffs In 2016, the average tariff for Nigeria in Refined Petroleum was 7.4%. The countries with the highest import tariffs for Refined Petroleum were Angola (Most Favoured Nation duty rate treatement, 7.83%), Burundi (Most Favoured Nation duty rate treatement, 7.83%), Botswana (Most Favoured Nation duty rate treatement, 7.83%), Central African Republic (Most Favoured Nation duty rate treatement, 7.83%), and Cameroon (Most Favoured Nation duty rate treatement, 7.83%).

Historical Data

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EXPORTS (2019): $556M

IMPORTS (2019): $10B

NET TRADE (2019): -$9.49B

In 2019, Nigeria exported $556M in Refined Petroleum. The main destinations of Nigeria exports on Refined Petroleum were United States ($110M), Netherlands ($98.1M), United Kingdom ($96.8M), France ($59.5M), and Belgium ($49.7M).

In 2019, Nigeria imported $10B in Refined Petroleum, mainly from Netherlands ($4.33B), Belgium ($2.14B), United Kingdom ($635M), Norway ($557M), and Benin ($356M).

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IN 2019, Nigeria HAD A POSITIVE NET TRADE IN Refined Petroleum WITH:

IN 2019, Nigeria HAD A NEGATIVE NET TRADE IN Refined Petroleum WITH:

Flow

THE FASTEST GROWING Refined Petroleum EXPORT MARKETS FOR Nigeria WERE (2018 - 2019):

THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Refined Petroleum BY Nigeria WERE (2018 - 2019):

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Market Concentration

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In 2019, Nigeria's main exporting competitors in Refined Petroleum were:

In 2019, Nigeria's main importing competitors in Refined Petroleum were:

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Tariffs by Country

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In 2016, the average tariff for Nigeria in Refined Petroleum was 7.4%.

The countries with the highest tariffs for Refined Petroleum in Nigeria were Angola (Most Favoured Nation duty rate treatement, 7.83%), Burundi (Most Favoured Nation duty rate treatement, 7.83%), Botswana (Most Favoured Nation duty rate treatement, 7.83%), Central African Republic (Most Favoured Nation duty rate treatement, 7.83%), and Cameroon (Most Favoured Nation duty rate treatement, 7.83%).