The total volume of trade between Nigeria and other countries dropped to N12 trillion, year-on-year, in the first quarter of 2023, the National Bureau of Statistics (NBS) has disclosed.
The NBS in a report yesterday stated that Nigeria exported goods worth N6.4trn and imported goods worth N5.5trn.
The report showed that total exports increased in the first quarter by two per cent (N6.3trn) when compared to the fourth quarter of 2022, but declined by 8.66 per cent (N7.1trn) when compared to the amount recorded in the fourth quarter of 2022.
“In the same vein, total imports increased by 3.67 per cent in the first quarter of 2023 compared to the value recorded in the fourth quarter of 2022 (N5.3trn) but then again declined by 25.83 per cent when compared to the value recorded in the corresponding quarter of 2022 (N7.4trn).”
The value of re-exports in the quarter stood at N32.1bn representing 0.50 percent of total exports.
It added that the top five export destinations for Nigerian goods during the period included Netherlands with N837bn of goods or 12.91 percent of total export followed by the United States of America with N579.3bn or 8.93 per cent, Spain with N488.1bn or 7.53 per cent, France with N487.3bn or 7.51 per cent and India with N456.6bn or 7.04 per cent of total exports.
For the most exported products, crude oil topped the list with N5.1tr representing 79.37 percent followed by Natural gas with N622.36bn, accounting for 9.59 per cent, and urea, whether or not in aqueous solution, worth N146.7bn.
“In terms of imports, China, The Netherlands, Belgium, India, and the United States of America were the top five countries of origin of imports to Nigeria in the first quarter of 2023. The values of imports from the top five countries amounted to N3.1tr representing a share of 55.78 percent of the total value of imports. The commodities with the largest values of imported products were “Motor Spirit Ordinary” (N1.4tr or 26.84 per cent), Gas Oil (N472.4bn) or 8.50 per cent and Durum Wheat (N249.22bn) or 4.48 per cent.
While it listed the top five re-export destinations of Nigerian products were to Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia and the most re-exported commodity was vessels and other floating structures for breaking up with N21bn, followed by light vessels, fire floats, floating cranes, and other vessels, valued at N4.71bn, other instruments and appliances for surveying N93m and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N85m.