Crude oil exports dominated Nigeria export trade in the third quarter of 2023 accounting for ₦8,535.61 billion representing 82.50 percent of the country’s total exports.
The value of non-crude oil exports stood at ₦1,810.99 billion accounting for 17.50 percent out of which non-oil products contributed ₦677.57 billion or 6.55 percent.
The National Bureau of Statistics ( NBS) in its Nigeria’s foreign trade in goods statistics for third quarter 2023 report released yesterday also said Nigeria’s total merchandise trade stood at ₦18,804.29 billion in Q3, 2023. According to NBS, this value indicates an increase of 54.62 percent over the amount recorded in Q2, 2023 as well as by 53.16 percent when compared to the value recorded in Q3 2022.
It said total exports accounted for 55.02 percent of total trade in the reviewed quarter with a value of ₦10,346.60 billion, showing an increase of 60.78 percent and 74.36 percent over the value recorded in the preceding and corresponding quarters respectively.
On the other hand, the report said the share of total imports accounted for 44.98 percent of total trade in the third quarter of 2023 with the value of imports amounting to ₦8,457.68 billion. This value indicates an increase of 47.70 percent and 33.33 percent respectively over the value (₦5,726.25 billion) and (₦6,343.53 billion) recorded in the preceding and the corresponding quarters of 2022. According to the report, “Q3 2023 merchandise trade balance amounted to ₦1,888.92 billion indicating a positive balance of trade. “The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by a considerable increase in trade activities within the period.”
It said the value of re-export stood at ₦35.95 billion representing 0.35 percent of total exports in Q3, 2023. The top ranked re-exported commodity was ‘Parts suitable for use solely or princip Other with ₦10.19 billion, followed by ‘Vessels and other floating structures for breaking up’ valued at ₦10.04 billion, ‘Lightvessels, fire floats, floating cranes, and other vessels not specified in 8905’ amounting to ₦5.77 billion, Aluminium waste and scrap valued at ₦1.50 billion, and ‘Parts of other gas turbines not specified’ valued at ₦1.12 billion. Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations respectively.
Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of ₦1,274.07 billion or 12.31 percent of the country’s total exports, this was followed by India with ₦1,015.13 billion or 9.81 percent, The Netherlands with ₦988.66 billion or 9.56 percent, Indonesia with ₦758.59 billion or 7.33 percent, France with ₦720.45 billion or 6.96 percent of total exports.
“Altogether, exports to the top five countries amounted to 45.98 percent of the total value of exports,” NBS said. “However, analysis by traded products shows that the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦8,535.61 billion representing 82.50 percent this was followed by ‘Natural gas, liquefied’ with ₦1,016.45 billion accounting for 9.82 percent, and ‘Urea, whether or not in aqueous solution’ with ₦109.68 billion or 1.06 percent of total exports.”
Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (₦1,973.34 billion or 23.33 percent), this was followed by imports from Belgium with ₦996.65 billion or 11.78 percent, India with ₦802.07 billion or 9.48 percent, Malta with ₦561.37 billion or 6.64 percent and the United States of America with ₦502.92 billion or 5.95 percent of total imports.
The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18 percent of total imports.
The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71 percent, ‘Gas oil’ with ₦736.66 billion or 8.71 percent and ‘Durum wheat (not in seeds)’ with value amounting to ₦331.76 billion or 3.92 percent of total imports.