Nigeria-Iceland Bilateral Trade Analysis 2023
Complete trade statistics: $69.26M total volume •Nigeria deficit: $69.26M
Nigeria → Iceland
$0
Exports (2023)
Iceland → Nigeria
$69.26M
Imports (2023)
Trade Balance
$69.26M
Deficit for Nigeria
Total Trade
$69.26M
Combined Volume
Trade Flow Visualization
Direct trade relationship between Nigeria and Iceland. 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-Iceland commercial relationship and competitive positioning in global markets.
Nigeria → Iceland Exports
Export Market Intelligence
🎯 Strategic Export Focus
Nigeria's export portfolio to Iceland demonstrates strategic specialization, with food preparations: n.e.c. in item no. 2106.10 representing a key competitive advantage in this bilateral market.
Iceland → Nigeria Imports
Import Dependency Profile
📦 Import Strategy Analysis
Nigeria's import pattern from Iceland reveals significant dependencyin fish: edible offal, fish heads, tails and maws, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Nigeria demonstrates competitive strength in exportingfood preparations: n.e.c. in item no. 2106.10 to Iceland, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $69.26M trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Nigeria-Iceland Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $69.26 millionrepresenting a significant bilateral economic relationship
- Trade Balance: Nigeria maintains a deficit of $69.26 million
- Export Focus: Nigeria's primary exports include food preparations: n.e.c. in item no. 2106.10, cosmetic and toilet preparations: n.e.c. in heading no. 3304, for the care of the skin (excluding medicaments, including sunscreen or sun tan preparations), plants and parts (including seeds and fruits) n.e.c. in heading no. 1211, of a kind used primarily in perfumery, in pharmacy or for insecticidal, fungicidal or similar purposes, fresh, chilled, frozen or dried, whether or not cut, crushed or powdered
- Import Dependencies: Key imports from Iceland include fish: edible offal, fish heads, tails and maws, fish: dried, whether or not salted but not smoked, other than edible fish offal, cod (gadus morhua, gadus ogac, gadus macrocephalus), fish: edible offal, other than shark fins, fish heads, tails and maws
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 $69.26M 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 food preparations: n.e.c. in item no. 2106.10.
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 food preparations: n.e.c. in item no. 2106.10complements Iceland's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in fish: edible offal, fish heads, tails and maws.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $69.26M bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $69.26M 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 $69.26 million bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in food preparations: n.e.c. in item no. 2106.10 and fish: edible offal, fish heads, tails and maws demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Nigeria's trade deficit of $69.26 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 Iceland represents a total trade volume of $69.26 million in 2023. This partnership demonstrates an unfavorable trade balance for Nigeria, with imports exceeding exportsby $69.26 million.
Export Strengths
Nigeria's exports to Iceland total $0.00, with competitive advantages in food preparations: n.e.c. in item no. 2106.10, representing $3,363 orInfinity% of bilateral exports.
Import Dependencies
Imports from Iceland amount to $69.26 million, highlighting economic interdependence in fish: edible offal, fish heads, tails and maws, with Fish: edible offal, fish heads, tails and maws comprising80.2% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Nigeria's strategic sourcing from Iceland. 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 Iceland in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023