Nigeria’s total merchandise trade, according to the National Bureau of Statistics (NBS), improved slightly in the first quarter of 2023.
The NBS Foreign Trade in Goods Statistics Report for Q1 2023, which was released on Tuesday in Abuja, supports this.
According to the NBS, the gain was brought on by a slight increase in import and export trade, which produced a favorable trade balance.
According to the report, Nigeria’s overall commerce in Q1 2023 was worth N12.1 trillion, of which N6.5 trillion went to exports and N5.6 trillion went to imports.
When compared to the total exports recorded in Q4 2022 at N6,359.61 billion and Q1 2022 at N7,102.11 billion, it was reported that total exports increased in Q1 2023 by 2.0% but decreased by 8.66%.
According to the data, overall imports grew to N5,362.83 billion in Q1 2023 from a value of Q4 2022, a 3.67 percent gain.
“Total imports however fell by 25.83 per cent when compared to the value recorded in Q1 2022 at N7,495.67 billion,” it said.
According to the NBS, the value of re-exports in the quarter under review was N32.17 billion, or 0.50 percent of all exports.
According to the research, Cameroon, Ghana, Equatorial Guinea, the United Kingdom, and Liberia were the top five countries for re-exports.
According to the report, vessels and other floating constructions for breaking up accounted for N21.07 billion of the most frequently exported goods.
“This was followed by light vessels, fire floats, floating cranes, and other vessels valued at N4.71 billion.
“Followed by this were other instruments and appliances for surveying 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 report said the top five export destinations in Q1 2023 were the Netherlands accounting for 12.91 per cent, followed by the USA at 8.93 per cent.
“This was followed by Spain at 7.53 per cent, France at 7.51 per cent, and India at 7.04 per cent of total exports.
“Altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports,” the NBS stated.
According to the report, petroleum oils and oils made from bituminous minerals had the highest export values in the first quarter of 2023, with crude accounting for N5,148.58 billion, or 79.37 percent.
“This was followed by ‘Natural gas, liquefied’ at N622.36 billion accounting for 9.59 per cent, and ‘Urea, whether or not in aqueous solution’ at N146.79 billion or 2.26 per cent of total exports.”
According to the research, the top five countries of origin for imports into Nigeria in Q1 2023 were China, The Netherlands, Belgium, India, and the USA.
According to the report, the value of imports from the top five nations totaled N3.2 trillion, or 55.78% of the total import value.
“The commodities with the largest values of imported products were Motor Spirit Ordinary at N1,492.28 billion, Gas Oil at N472.40 billion and Durum Wheat (not in seeds) at N249.22 billion.”
(NAN)
