2022
Exports
$856World Rnk 119 / 135
Flag Rnk 913 / 1077
2022
PRODUCT COMPLEXITY IN Soybean Oil
-0.93Rnk 821 / 1025
2022
Imports
$19.4MWorld Rnk 77 / 215
Flag Rnk 355 / 1182
2022
ECONOMIC COMPLEXITY of Nigeria
-1.67Rnk 127 / 133

About

Exports In 2022, Nigeria exported $856 in Soybean Oil, making it the 119th largest exporter of Soybean Oil in the world. At the same year, Soybean Oil was the 913th most exported product in Nigeria. The main destination of Soybean Oil exports from Nigeria are: Netherlands ($558), Canada ($178), Belgium ($77), Bulgaria ($40), and Kenya ($3).

The fastest growing export markets for Soybean Oil of Nigeria between 2021 and 2022 were Netherlands ($396), Canada ($177), and Bulgaria ($40).

Imports In 2022, Nigeria imported $19.4M in Soybean Oil, becoming the 77th largest importer of Soybean Oil in the world. At the same year, Soybean Oil was the 355th most imported product in Nigeria. Nigeria imports Soybean Oil primarily from: Argentina ($19.1M), Curaçao ($193k), South Korea ($44.4k), India ($26.5k), and China ($23.8k).

The fastest growing import markets in Soybean Oil for Nigeria between 2021 and 2022 were Argentina ($2M), South Korea ($44.4k), and Curaçao ($41.3k).

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 Soybean 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)$856
IMPORTS (2022)$19.4M
NET TRADE (2022)-$19.4M

In 2022, Nigeria exported $856 in Soybean Oil. The main destinations of Nigeria exports on Soybean Oil were Netherlands ($558), Canada ($178), Belgium ($77), Bulgaria ($40), and Kenya ($3).

In 2022, Nigeria imported $19.4M in Soybean Oil, mainly from Argentina ($19.1M), Curaçao ($193k), South Korea ($44.4k), India ($26.5k), and China ($23.8k).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Soybean Oil EXPORT MARKETS FOR Nigeria WERE (2021 - 2022):
Netherlands$396 (244%)
Canada$177 (17.7k%)
Bulgaria$40 (1%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybean Oil BY Nigeria WERE (2021 - 2022):
Kenya-$599 (-99.5%)
Georgia-$6 (-100%)
Belgium-$5 (-6.1%)

Change in Exports by Market (2021 - 2022)

Market Concentration

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Flow
Type
In 2022, Nigeria's main exporting competitors in Soybean Oil were:
In 2022, Nigeria's main importing competitors in Soybean Oil were:

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Trade Value of Soybean Oil by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALNetherlands+ $1.4k
TOP IMPORT POTENTIALArgentina+ $1.53M

Soybean Oil’s highest export potential is Netherlands. With an export gap of $1.4k.   Soybean Oil’s highest import potential is Argentina with an import gap of $1.53M.

See methodology.

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