Nigeria-Rep. of Korea Bilateral Trade Analysis 2023
Complete trade statistics: $1.70B total volume •Nigeria deficit: $1.70B
Nigeria → Rep. of Korea
$0
Exports (2023)
Rep. of Korea → Nigeria
$1.70B
Imports (2023)
Trade Balance
$1.70B
Deficit for Nigeria
Total Trade
$1.70B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Nigeria and 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-Rep. of Korea commercial relationship and competitive positioning in global markets.
Nigeria → Rep. of Korea Exports
Export Market Intelligence
🎯 Strategic Export Focus
Nigeria's export portfolio to Rep. of Korea demonstrates strategic specialization, with petroleum gases and other gaseous hydrocarbons: liquefied, natural gas representing a key competitive advantage in this bilateral market.
Rep. of Korea → Nigeria Imports
Import Dependency Profile
📦 Import Strategy Analysis
Nigeria's import pattern from Rep. of Korea reveals significant dependencyin petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Nigeria demonstrates competitive strength in exportingpetroleum gases and other gaseous hydrocarbons: liquefied, natural gas to Rep. of Korea, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $1.70B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Nigeria-Rep. of Korea Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $1.70 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Nigeria maintains a deficit of $1.70 billion
- Export Focus: Nigeria's primary exports include petroleum gases and other gaseous hydrocarbons: liquefied, natural gas, petroleum gases and other gaseous hydrocarbons: in gaseous state, other than natural gas, oils: petroleum oils and oils obtained from bituminous minerals, crude
- Import Dependencies: Key imports from Rep. of Korea include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, ethylene polymers: in primary forms, polyethylene having a specific gravity of 0.94 or more, aluminium: plates, sheets and strip, thickness exceeding 0.2mm, alloys, rectangular (including square)
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 $1.70B 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 petroleum gases and other gaseous hydrocarbons: liquefied, natural gas.
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 petroleum gases and other gaseous hydrocarbons: liquefied, natural gascomplements 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 petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $1.70B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $1.70B 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 $1.70 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in petroleum gases and other gaseous hydrocarbons: liquefied, natural gas and petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Nigeria's trade deficit of $1.70 billion 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 Rep. of Korea represents a total trade volume of $1.70 billion in 2023. This partnership demonstrates an unfavorable trade balance for Nigeria, with imports exceeding exportsby $1.70 billion.
Export Strengths
Nigeria's exports to Rep. of Korea total $0.00, with competitive advantages in petroleum gases and other gaseous hydrocarbons: liquefied, natural gas, representing $451.55M orInfinity% of bilateral exports.
Import Dependencies
Imports from Rep. of Korea amount to $1.70 billion, highlighting economic interdependence in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, with Petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils comprising65.4% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Nigeria's strategic sourcing from 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 Rep. of Korea in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023