Indonesia's Trade Balance with Nigeria Shows a US$0.46 Billion Deficit

Indonesia's trade balance with Nigeria recorded a deficit of US$0.46 billion in 2020. This trade deficit decreased by 69.22% compared to the previous year's balance, which was recorded at US$-1.49 billion.

This improvement in the trade balance, according to Trademap data, was supported by Indonesia's export value, which reached US$371.05 million. However, Indonesia's imports from Nigeria in 2020 were higher than exports, reaching US$830.73 million.

Indonesia's exports to Nigeria have been declining over the past year. The previous year's export value was US$424.3 million.

Meanwhile, imports, according to Trademap data, decreased by 56.68% compared to the previous year, which was recorded at US$1.92 billion.

Based on product type, there were 10 main export products from Indonesia to Nigeria that recorded a surplus during 2020. The total value of these main exports reached US$302.09 million.

List of 10 Main Indonesian Export Products to Nigeria

1. (HS 15): Fats and oils of animal or vegetable origin; edible fats; animal or vegetable fats and oils and their cleavage products;


2. (HS 21): Miscellaneous edible preparations


3. (HS 48): Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard; paper and paperboard; articles of paper pulp, of paper or of paperboard


4. (HS 30): Pharmaceutical products


5. (HS 33): Essential oils and resinoids; perfumery, cosmetic or toilet preparations


6. (HS 29): Organic chemicals


7. (HS 22): Beverages, spirits and vinegar


8. (HS 39): Plastics and articles thereof


9. (HS 85): Electrical machinery and equipment and parts thereof; sound recorders and reproducers; television receivers


10. (HS 62): Articles of apparel and clothing accessories, knitted or crocheted

Globally, the trade balance for all goods improved this time due to an increase in several types of goods. Indonesia's total trade balance was recorded at US$21.68 billion, or up 703.56%. In other words, Indonesia recorded a trade surplus. The previous year's trade balance with all countries in the world was recorded at US$-3.59 billion.