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2022
Exports $10.7MWorld Rnk 42 / 139
Flag Rnk 70 / 1077
2022
Destination $6.78M Canada
2021 - 2022
FASTEST GROWING MARKET $6.78MCanada
2022
PRODUCT COMPLEXITY IN Soybeans-1.62Rnk 963 / 1025
2022
Imports $37.8MWorld Rnk 48 / 200
Flag Rnk 232 / 1182
2022
Origin $36.3M Malaysia
2021 - 2022
FASTEST GROWING ORIGIN $36.3MMalaysia
2022
ECONOMIC COMPLEXITY of Nigeria-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $10.7M in Soybeans, making it the 42nd largest exporter of Soybeans in the world. At the same year, Soybeans was the 70th most exported product in Nigeria. The main destination of Soybeans exports from Nigeria are: Canada ($6.78M), Turkey ($1.81M), India ($1.54M), Sri Lanka ($194k), and Angola ($150k).

The fastest growing export markets for Soybeans of Nigeria between 2021 and 2022 were Canada ($6.78M), India ($853k), and Turkey ($719k).

Imports In 2022, Nigeria imported $37.8M in Soybeans, becoming the 48th largest importer of Soybeans in the world. At the same year, Soybeans was the 232nd most imported product in Nigeria. Nigeria imports Soybeans primarily from: Malaysia ($36.3M), China ($1.37M), Hong Kong ($93.1k), United Kingdom ($9.7k), and Netherlands ($5.39k).

The fastest growing import markets in Soybeans for Nigeria between 2021 and 2022 were Malaysia ($36.3M), China ($1.02M), and Hong Kong ($82.6k).

Latest Trends

Aug 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 (2022)$10.7M
IMPORTS (2022)$37.8M
NET TRADE (2022)-$27.1M

In 2022, Nigeria exported $10.7M in Soybeans. The main destinations of Nigeria exports on Soybeans were Canada ($6.78M), Turkey ($1.81M), India ($1.54M), Sri Lanka ($194k), and Angola ($150k).

In 2022, Nigeria imported $37.8M in Soybeans, mainly from Malaysia ($36.3M), China ($1.37M), Hong Kong ($93.1k), United Kingdom ($9.7k), and Netherlands ($5.39k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soybeans EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
Canada$6.78M (5.56M%)
India$853k (125%)
Turkey$719k (66.1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybeans BY Nigeria WERE (2021 - 2022):
Pakistan-$453k (-94.9%)
China-$182k (-100%)
United States-$145k (-100%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Soybeans were:
Brazil $47.2B
United States $34.6B
Argentina $3.25B
In 2022, Nigeria's main importing competitors in Soybeans were:
China $54.1B
Mexico $4.08B
Japan $2.47B

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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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