Nigeria records N1.8tr surplus as foreign trade jumps by 60.7%

The total trade conducted between Nigeria and other countries has increased to 18.8tr in the third quarter of 2023, a report by the National Bureau of Statistics (NBS) has shown.

This increase was 60.78 per cent higher when compared to the N6.4tr recorded in the second quarter of 2023.

However, the increase is connected to the devaluation of the country’s naira which pushed the currency higher in numbers to the dollar but lower in value as goods denominated in dollars cost more.

The report stated that the total export was valued at N10.3tr while total imports stood at N8.4tr.

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“Total exports increased by 74.36 per cent compared to the corresponding quarter in 2022 (N5.9tr). Similarly, total imports increased by 47.70 per cent compared to the value recorded in the second quarter of 2023 (N5.7tr) and by 33.33 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.3tr),” the report indicated.

The bureau said the significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.

Meanwhile, it said the value of re-export stood at N35.9bn representing 0.35 per cent of total exports.

It went on to state that the most traded products in terms of export during the period remained ‘petroleum oils and oils obtained from bituminous minerals, crude worth N8.5tr, representing 82.50 per cent of export, followed by natural gas, liquefied with N1tr, accounting for 9.82 per cent and ‘Urea, whether or not in aqueous solution with N109.6bn.

For imported products, the highest is ‘Motor Spirit Ordinary’ valued at N1.9tr, representing 22.71 per cent, followed by gas oil worth N736.6bn or 8.71 per cent and durum wheat (not in seeds) amounting to N331.7bn.

Analysis by trading partners shows that Spain recorded the highest exports from Nigeria with trades valued at N1.2tr followed by India with goods worth N1tr; the Netherlands with N988.6bn or 9.56 per cent; Indonesia N758.5bn or 7.33 per cent, France with N720.4bn or 6.96 per cent of total exports.

The analysis further shows that, “Altogether, exports to the top five countries amounted to 45.98 per cent of the total value of exports. Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria were China, N1.9tr or 23.33 per cent, followed by imports from Belgium with N996.6bn or 11.78 per cent, India with N802bn or 9.48 per cent, Malta with N561.3bn or 6.64 per cent and the United States of America with N502.9bn or 5.95 per cent of total imports.”