2022
Exports
$1.74MWorld Rnk 38 / 114
Flag Rnk 146 / 1077
2022
PRODUCT COMPLEXITY IN Iron Ingots
-1.39Rnk 930 / 1025
2022
Imports
$605kWorld Rnk 62 / 172
Flag Rnk 888 / 1182
2022
ECONOMIC COMPLEXITY of Nigeria
-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $1.74M in Iron Ingots, making it the 38th largest exporter of Iron Ingots in the world. At the same year, Iron Ingots was the 146th most exported product in Nigeria. The main destination of Iron Ingots exports from Nigeria are: India ($768k), Saudi Arabia ($500k), Germany ($261k), Niger ($91k), and South Korea ($87.4k).

The fastest growing export markets for Iron Ingots of Nigeria between 2021 and 2022 were India ($768k), Saudi Arabia ($500k), and Germany ($261k).

Imports In 2022, Nigeria imported $605k in Iron Ingots, becoming the 62nd largest importer of Iron Ingots in the world. At the same year, Iron Ingots was the 888th most imported product in Nigeria. Nigeria imports Iron Ingots primarily from: China ($593k), United Kingdom ($8.06k), India ($2.67k), Netherlands ($821), and Vietnam ($546).

The fastest growing import markets in Iron Ingots for Nigeria between 2021 and 2022 were China ($389k), United Kingdom ($8.06k), and Netherlands ($821).

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 Iron Ingots. 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)$1.74M
IMPORTS (2022)$605k
NET TRADE (2022)$1.13M

In 2022, Nigeria exported $1.74M in Iron Ingots. The main destinations of Nigeria exports on Iron Ingots were India ($768k), Saudi Arabia ($500k), Germany ($261k), Niger ($91k), and South Korea ($87.4k).

In 2022, Nigeria imported $605k in Iron Ingots, mainly from China ($593k), United Kingdom ($8.06k), India ($2.67k), Netherlands ($821), and Vietnam ($546).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Iron Ingots EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
India$768k (1%)
Saudi Arabia$500k (1%)
Germany$261k (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Iron Ingots BY Nigeria WERE (2021 - 2022):
Vietnam-$113k (-78.3%)
Malaysia-$26k (-100%)
South Korea-$10.8k (-11%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Iron Ingots were:
India $189M
China $107M
Iran $76.9M
In 2022, Nigeria's main importing competitors in Iron Ingots were:

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Trade Value of Iron Ingots by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALGermany+ $162k
TOP IMPORT POTENTIALChina+ $42.9k

Iron Ingots’s highest export potential is Germany. With an export gap of $162k.   Iron Ingots’s highest import potential is China with an import gap of $42.9k.

See methodology.

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