2022
Exports
$1.34MWorld Rnk 78 / 149
Flag Rnk 164 / 1077
2022
PRODUCT COMPLEXITY IN Palm Oil
-2.31Rnk 1012 / 1025
2022
Imports
$372MWorld Rnk 32 / 208
Flag Rnk 27 / 1182
2022
ECONOMIC COMPLEXITY of Nigeria
-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $1.34M in Palm Oil, making it the 78th largest exporter of Palm Oil in the world. At the same year, Palm Oil was the 164th most exported product in Nigeria. The main destination of Palm Oil exports from Nigeria are: United States ($437k), Ghana ($280k), Canada ($236k), Niger ($109k), and United Arab Emirates ($54.1k).

The fastest growing export markets for Palm Oil of Nigeria between 2021 and 2022 were Ghana ($280k), Niger ($108k), and Canada ($28.6k).

Imports In 2022, Nigeria imported $372M in Palm Oil, becoming the 32nd largest importer of Palm Oil in the world. At the same year, Palm Oil was the 27th most imported product in Nigeria. Nigeria imports Palm Oil primarily from: Malaysia ($249M), Cote d'Ivoire ($46.9M), Indonesia ($46.2M), Singapore ($9.84M), and Ghana ($8.64M).

The fastest growing import markets in Palm Oil for Nigeria between 2021 and 2022 were Cote d'Ivoire ($42.8M), Indonesia ($7.95M), and Ghana ($4.85M).

Latest Trends

Sep 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 (2022)$1.34M
IMPORTS (2022)$372M
NET TRADE (2022)-$371M

In 2022, Nigeria exported $1.34M in Palm Oil. The main destinations of Nigeria exports on Palm Oil were United States ($437k), Ghana ($280k), Canada ($236k), Niger ($109k), and United Arab Emirates ($54.1k).

In 2022, Nigeria imported $372M in Palm Oil, mainly from Malaysia ($249M), Cote d'Ivoire ($46.9M), Indonesia ($46.2M), Singapore ($9.84M), and Ghana ($8.64M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Palm Oil EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
Ghana$280k (1%)
Niger$108k (11.8k%)
Canada$28.6k (13.8%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Palm Oil BY Nigeria WERE (2021 - 2022):
United States-$105k (-19.4%)
United Kingdom-$69.5k (-66.2%)
Spain-$32.8k (-94.4%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Palm Oil were:
In 2022, Nigeria's main importing competitors in Palm Oil were:
India $11.1B
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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