Summary
- Nigeria → South Korea
- $1.8billion
- South Korea → Nigeria
- $698million
- Nigeria’s balance
- $1.1billion
Balance
Nigeria’s trade balance with South Korea
Trade between Nigeria and South Korea grew 4.5-fold since 1995
USD billions (current). Nigeria’s exports and imports; bars: its balance (green surplus, red deficit).
- Exports 1.8
- Imports 0.7
- Balance +1.1
Source: CEPII BACI
Show the numbers
| Year | Exports | Imports | Trade balance |
|---|---|---|---|
| 1995 | $354 million | $202 million | $152 million |
| 1996 | $542 million | $93 million | $449 million |
| 1997 | $796 million | $102 million | $694 million |
| 1998 | $263 million | $149 million | $114 million |
| 1999 | $208 million | $172 million | $36 million |
| 2000 | $77 million | $227 million | -$150 million |
| 2001 | $98 million | $449 million | -$351 million |
| 2002 | $73 million | $779 million | -$707 million |
| 2003 | $98 million | $569 million | -$471 million |
| 2004 | $551 million | $680 million | -$129 million |
| 2005 | $366 million | $831 million | -$466 million |
| 2006 | $587 million | $871 million | -$285 million |
| 2007 | $411 million | $2.4 billion | -$2 billion |
| 2008 | $309 million | $2.7 billion | -$2.4 billion |
| 2009 | $231 million | $818 million | -$587 million |
| 2010 | $572 million | $922 million | -$350 million |
| 2011 | $798 million | $2.6 billion | -$1.8 billion |
| 2012 | $1.5 billion | $880 million | $595 million |
| 2013 | $2.3 billion | $1.6 billion | $698 million |
| 2014 | $3.2 billion | $1.9 billion | $1.3 billion |
| 2015 | $1.2 billion | $758 million | $462 million |
| 2016 | $535 million | $515 million | $20 million |
| 2017 | $500 million | $2.3 billion | -$1.8 billion |
| 2018 | $1.1 billion | $4.8 billion | -$3.7 billion |
| 2019 | $749 million | $953 million | -$205 million |
| 2020 | $757 million | $858 million | -$101 million |
| 2021 | $992 million | $1.3 billion | -$266 million |
| 2022 | $1.8 billion | $1 billion | $822 million |
| 2023 | $1.1 billion | $694 million | $433 million |
| 2024 | $1.8 billion | $698 million | $1.1 billion |
What they sell each other
What Nigeria sells to South Korea
The top 10 headings in 2024, with their share of the total.
What South Korea sells to Nigeria
The top 10 headings in 2024, with their share of the total.
How it travels
The estimated sea route between Lagos and Busan is 10,869 nautical miles (20,130 km) long: ≈ 25–32.5 days at sea (at 18 and 14 knots).
Passages it crosses: Cape of Good Hope; and Strait of Malacca and Singapore.
Sailing estimate without port calls, waiting or transshipment; not a schedule. One main reference port per country: in large countries it does not represent all of its ports.
Split by transport mode
Mode estimated from value per kilo and geography; both directions together.
How much each matters to the other
South Korea was Nigeria’s 14th largest trading partner (2% of its trade), and Nigeria was South Korea’s 51st (0.2%).
- South Korea in Nigeria’s trade
- 2.3%
- South Korea’s rank among Nigeria’s partners
- 14th
- Nigeria in South Korea’s trade
- 0.2%
- Nigeria’s rank among South Korea’s partners
- 51st
Compare with
Other partners of Nigeria
Other partners of South Korea
Sources and methodology
Sources and licenses
- CEPII BACI · Licence Ouverte Etalab 2.0
- World Bank, Global Shipping Traffic Density · CC BY 4.0 (route network derived by this site)
- World Port Index (NGA) · Public domain (US Government work)
- Natural Earth · Public domain
Methodology
Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. The sea route comes from our own network derived from World Bank shipping density (not from nautical charts), between one main reference port per country (World Port Index); days are the distance at 14 and 18 knots, without port calls or waiting. Data up to 2024.