2023
Exports
$14.5kWorld Rnk 113 / 137
Flag Rnk 677 / 1096
2023
PRODUCT COMPLEXITY IN Soybean Oil
-0.85Rnk 795 / 1025
2023
Imports
$64.6MWorld Rnk 40 / 212
Flag Rnk 136 / 1184
2023
ECONOMIC COMPLEXITY of Nigeria
-1.75Rnk 129 / 132

About

Exports In 2023, Nigeria exported $14.5k in Soybean Oil, making it the 113th largest exporter of Soybean Oil in the world. At the same year, Soybean Oil was the 677th most exported product in Nigeria. The main destination of Soybean Oil exports from Nigeria are: Niger ($10.4k), Ghana ($3.65k), Netherlands ($269), Bulgaria ($143), and Ireland ($36).

The fastest growing export markets for Soybean Oil of Nigeria between 2022 and 2023 were Niger ($10.4k), Ghana ($3.65k), and Bulgaria ($98).

Imports In 2023, Nigeria imported $64.6M in Soybean Oil, becoming the 40th largest importer of Soybean Oil in the world. At the same year, Soybean Oil was the 136th most imported product in Nigeria. Nigeria imports Soybean Oil primarily from: United Arab Emirates ($33.4M), Malaysia ($17.2M), Argentina ($12.6M), Benin ($931k), and Netherlands ($236k).

The fastest growing import markets in Soybean Oil for Nigeria between 2022 and 2023 were United Arab Emirates ($33.4M), Malaysia ($17.2M), and Benin ($931k).

Latest Trends

Dec 2024

Subnational Monthly Trade

View
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.

Explore Latest Trends

Subscribe today to OEC pro and access the latest data

Sign Up

Historical Data

Trade Balance

Color
EXPORTS (2023)$14.5k
IMPORTS (2023)$64.6M
NET TRADE (2023)-$64.6M

In 2023, Nigeria exported $14.5k in Soybean Oil. The main destinations of Nigeria exports on Soybean Oil were Niger ($10.4k), Ghana ($3.65k), Netherlands ($269), Bulgaria ($143), and Ireland ($36).

In 2023, Nigeria imported $64.6M in Soybean Oil, mainly from United Arab Emirates ($33.4M), Malaysia ($17.2M), Argentina ($12.6M), Benin ($931k), and Netherlands ($236k).

Explore Visualizations

Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Soybean Oil EXPORT MARKETS FOR Nigeria WERE (2022 - 2023):
Niger$10.4k (1%)
Ghana$3.65k (1%)
Bulgaria$98 (218%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Soybean Oil BY Nigeria WERE (2022 - 2023):
Netherlands-$347 (-56.3%)
Canada-$201 (-100%)
Belgium-$87 (-100%)

Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, Nigeria's main exporting competitors in Soybean Oil were:
In 2023, Nigeria's main importing competitors in Soybean Oil were:

Explore Visualizations

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.

Subscribe today to OEC pro and access the latest data

Sign Up

Have questions, comments, or concerns?
Send us an e-mail: support@oec.world
Follow @OECtoday on
Created, Designed, and Developed by:
In collaboration with