2023
Exports
$201MWorld Rnk 12 / 142
Flag Rnk 11 / 1096
2023
PRODUCT COMPLEXITY IN Soybeans
-1.67Rnk 968 / 1025
2023
Imports
$2.52MWorld Rnk 93 / 193
Flag Rnk 685 / 1184
2023
ECONOMIC COMPLEXITY of Nigeria
-1.75Rnk 129 / 132

About

Exports In 2023, Nigeria exported $201M in Soybeans, making it the 12th largest exporter of Soybeans in the world. At the same year, Soybeans was the 11th most exported product in Nigeria. The main destination of Soybeans exports from Nigeria are: India ($126M), Pakistan ($40.8M), Canada ($9.24M), Nepal ($8.78M), and Turkey ($5.05M).

The fastest growing export markets for Soybeans of Nigeria between 2022 and 2023 were India ($125M), Pakistan ($40.7M), and Nepal ($8.78M).

Imports In 2023, Nigeria imported $2.52M in Soybeans, becoming the 93rd largest importer of Soybeans in the world. At the same year, Soybeans was the 685th most imported product in Nigeria. Nigeria imports Soybeans primarily from: China ($2.4M), Hong Kong ($81.6k), Argentina ($18.9k), Marshall Islands ($13.4k), and India ($297).

The fastest growing import markets in Soybeans for Nigeria between 2022 and 2023 were China ($829k), Argentina ($18.9k), and Marshall Islands ($13.4k).

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 Soybeans. 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)$201M
IMPORTS (2023)$2.52M
NET TRADE (2023)$199M

In 2023, Nigeria exported $201M in Soybeans. The main destinations of Nigeria exports on Soybeans were India ($126M), Pakistan ($40.8M), Canada ($9.24M), Nepal ($8.78M), and Turkey ($5.05M).

In 2023, Nigeria imported $2.52M in Soybeans, mainly from China ($2.4M), Hong Kong ($81.6k), Argentina ($18.9k), Marshall Islands ($13.4k), and India ($297).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Soybeans EXPORT MARKETS FOR Nigeria WERE (2022 - 2023):
India$125M (7.39k%)
Pakistan$40.7M (168k%)
Nepal$8.78M (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybeans BY Nigeria WERE (2022 - 2023):
Spain-$12.5k (-99.4%)
Jordan-$6.78k (-34.8%)
Togo-$1.76k (-100%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Flow
Type
In 2023, Nigeria's main exporting competitors in Soybeans were:
In 2023, Nigeria's main importing competitors in Soybeans were:
China $56.6B
Japan $2.14B

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Trade Value of Soybeans by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALIndia+ $2.67M
TOP IMPORT POTENTIALChina+ $763k

Soybeans’s highest export potential is India. With an export gap of $2.67M.   Soybeans’s highest import potential is China with an import gap of $763k.

See methodology.

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