Nigeria-Dem. People's Rep. of Korea Bilateral Trade Analysis 2023
Complete trade statistics: $7.00M total volume •Nigeria deficit: $4.33M
Nigeria → Dem. People's Rep. of Korea
$1.33M
Exports (2023)
Dem. People's Rep. of Korea → Nigeria
$5.66M
Imports (2023)
Trade Balance
$4.33M
Deficit for Nigeria
Total Trade
$7.00M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Nigeria and Dem. People's Rep. of Korea. Green line shows exports from Nigeria, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Nigeria-Dem. People's Rep. of Korea commercial relationship and competitive positioning in global markets.
Nigeria → Dem. People's Rep. of Korea Exports
Export Market Intelligence
🎯 Strategic Export Focus
Nigeria's export portfolio to Dem. People's Rep. of Korea demonstrates strategic specialization, with aluminium: unwrought, alloys representing a key competitive advantage in this bilateral market.
Dem. People's Rep. of Korea → Nigeria Imports
Import Dependency Profile
📦 Import Strategy Analysis
Nigeria's import pattern from Dem. People's Rep. of Korea reveals significant dependencyin fish: frozen, herrings (clupea harengus, clupea pallasii), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Nigeria demonstrates competitive strength in exportingaluminium: unwrought, alloys to Dem. People's Rep. of Korea, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $7.00M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Nigeria-Dem. People's Rep. of Korea Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $7.00 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Nigeria maintains a deficit of $4.33 million
- Export Focus: Nigeria's primary exports include aluminium: unwrought, alloys, aluminium: waste and scrap, lead: unwrought, unrefined, not containing by weight antimony as the principal other element
- Import Dependencies: Key imports from Dem. People's Rep. of Korea include fish: frozen, herrings (clupea harengus, clupea pallasii), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, fish: frozen, mackerel (scomber scombrus, scomber australasicus, scomber japonicus), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, ethylene polymers: in primary forms, polyethylene having a specific gravity of 0.94 or more
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $7.00M represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Nigeria leveraging its comparative advantages in aluminium: unwrought, alloys.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Nigeria's specialization in aluminium: unwrought, alloyscomplements Dem. People's Rep. of Korea's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in fish: frozen, herrings (clupea harengus, clupea pallasii), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $7.00M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $7.00M bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $7.00 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in aluminium: unwrought, alloys and fish: frozen, herrings (clupea harengus, clupea pallasii), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Nigeria's trade deficit of $4.33 million impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Nigeria and Dem. People's Rep. of Korea represents a total trade volume of $7.00 million in 2023. This partnership demonstrates an unfavorable trade balance for Nigeria, with imports exceeding exportsby $4.33 million.
Export Strengths
Nigeria's exports to Dem. People's Rep. of Korea total $1.33 million, with competitive advantages in aluminium: unwrought, alloys, representing $1.05M or78.5% of bilateral exports.
Import Dependencies
Imports from Dem. People's Rep. of Korea amount to $5.66 million, highlighting economic interdependence in fish: frozen, herrings (clupea harengus, clupea pallasii), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99, with Fish: frozen, herrings (Clupea harengus, Clupea pallasii), excluding fillets, fish meat of 0304, and edible fish offal of subheadings 0303.91 to 0303.99 comprising32.8% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Nigeria's strategic sourcing from Dem. People's Rep. of Korea. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Nigeria and Dem. People's Rep. of Korea in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023