Nigeria’s Foreign Trade Increases by N324bn in Q1

•Netherlands, US, Spain are top trading partners

James Emejo in Abuja

Nigeria’s total external merchandise trade increased by about N324 billion to N12.04 trillion in the first quarter of the year (Q1 2023), compared to N11.04 trillion in the preceding quarter, the National Bureau of Statistics (NBS) stated yesterday.

According to the Foreign Trade Statistics for Q4, the slight improvement was attributed to a marginal increase in import and export trade resulting in a positive trade balance.

The NBS stated that total exports stood at N6.48 trillion while imports amounted to N5.55 trillion, adding that exports increased in the first quarter by two per cent, but declined by 8.66 per cent when compared to N6.35 trillion recorded in Q4 2022 and N7.10 trillion in the corresponding quarter of 2022 respectively.

Similarly, total imports increased by 3.67 per cent in the period under review compared to N5.36 trillion in Q4, but declined by 25.83 per cent when compared to N7.49 trillion in Q1 2022.

The value of re-exports in the quarter under review stood at N32.17 billion representing 0.50 per cent of total exports.

The top five re-export destinations are Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion, followed by light vessels, fire floats, floating cranes, and other vessels not specified in 8905 valued at N4.71 billion.

‘Other instruments and appliances for surveying not specified in 9015’ amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion.

The top five export destinations in Q1 are the Netherlands with N837.65 billion or 12.91 per cent, United States of America (US) with N579.35 billion or 8.93 per cent, Spain with N488.17 billion or 7.53 per cent, France with N487.34 billion or 7.51 per cent and India with N456.69 billion or 7.04 per cent of total exports.

According to the statistical agency, altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports.

Petroleum oil and oil obtained from bituminous minerals, crude which amounted to N5.14 trillion, represented 79.37 per cent and remained the commodity with the largest export values in the period under review, followed by natural gas, liquefied which amounted to N622.36 billion and accounted for 9.59 per cent, while and urea, whether or not in aqueous solution amounted to N146.79 billion or 2.26 per cent of total exports.

However, the top five countries of origin of imports to Nigeria included China, The Netherlands, Belgium, India, and the United States.

The values of imports from these countries amounted to N3. 1 trillion representing a share of 55.78 per cent of imports.

While the commodities with the largest values of imported products are motor spirit ordinary valued at N1.49 trillion or 26.84 per cent, gas oil (N472.40 billion or 8.50 per cent and durum wheat (not in seeds) which amounted to N249.22 billion or 4.48 per cent.