World Economy

US-Nigeria Trade at Record Low

US-Nigeria Trade at Record LowUS-Nigeria Trade at Record Low

The volume of Nigeria’s bilateral trade with the United States has continued to be on a downward trend due to the advent of shale oil resources, which resulted in total stoppage of US imports of crude oil from Nigeria.

Trade relationship between the two countries used to be in favor of Nigeria before. But since the US halted imports from Nigeria, the balance of trade has tilted in favor of the North American economy, AllAfrica reported.

For instance, between January and May this year, United States’ export was higher than its imports from Nigeria. The US exported about $1 billion to Nigeria, while its imports were $615 million as against over $2.4 billion worth of goods imported by the US during the same period last year.

The trade volume started declining years ago when the United States decided to be self-sufficient in crude oil production.

In 2011, the US imported a total of $30.5 billion worth of goods from Nigeria, while its exports stood at $4.9 billion.

In 2012, its imports were $19 billion while its exports were $5 billion. By 2013, trade between the two countries was in favor of the US as its imports from Nigeria totaled $11.7 billion, a 38.3% decrease ($7.3 billion) from 2012.

The five largest import categories in 2013 were: oil ($11.6 billion), cocoa ($29 million), other products ($21 million), food waste ($9 million) and art and antiques ($5 million)