Nigeria’s export trade in the second quarter of 2023 increased from the N6,487.04 billion it was in the first quarter 2023 to N7,015.71 billion, indicating an increase of 8.15 percent month-on-month. During the same period, the nation’s imports also rose from N5,559.88 billion in the first quarter to N5,726.25 billion, and increased of 2.99 percent.
The total foreign trade during the quarter under review was N12,741.96 billion, made up of N7,015.71 billion from export trade and N5,726.25 billion from imports.
The National Bureau of Statistics (NBS) in its report on Foreign Trade in Goods Statistics for Q2 2023 noted that on year-on-year basis, Nigeria’s exports declined by 5.20 percent compared to the corresponding quarter in 2022 when it was N7,400.89 billion.
NBS also informed that imports declined by 10.37 percent when compared to the value recorded in the corresponding quarter of 2022 when it imported goods worth N6,388.51 billion.
According to the report, “The value of Re-exports in the quarter under review stood at N91.44 billion representing 1.30 percent of total exports. Data available shows that the top five re-export destinations were Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands.”
NBS noted that the most re-exported commodity was ‘Other turbines for marine propulsion with N41.24 billion, this was followed by ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ valued at N10.96 billion, ‘Other gas turbines not specified of a power exceeding 5,000 kW’ amounting to N6.66 billion, Other article of heading 87.84 not specified valued at 4.77 billion, and mechanically propelled vessels for the transport of goods, gross tonnage=< 500 tonnes’ valued at N4.22 billion.
It said that the top five export destinations in Q2, 2023 were The Netherlands with N788.85 billion or 11.24 percent, the United States of America with N718.63 billion or 10.24 percent, Indonesia with N550.18 billion or 7.84 percent, France with N540.73 billion or 7.71 percent and Spain with N504.45 billion or 7.19 percent of total exports.
“Altogether, exports to the top five countries amounted to 44.23 percent of the total value of exports,” The report said, adding that the largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63 percent this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11 percent, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16 percent of total exports.
In terms of Imports (CIF), In the second quarter of 2023, the top five partner countries origin of imports to Nigeria were China with N1,269.41 billion or 22.17 percent; the United States of America, N921.45 billion or 16.09%), Belgium (N460.43 billion or 8.04%), India N417.77 billion or 7.30 percent and The Netherlands, N369.69 billion or 6.46 percent.
“The values of imports from the top five countries amounted to N3,438.76 billion representing a share of 60.05 percent of total imports. While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’, N1,230.95 billion or 21.50 percent; ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’, N733.92 billion or 12.82 percent and ‘Gas oil’ N230.83 billion or 4.03 percent,” NBS said.