……Nigeria’s exports to country rise to N788.85bn
The National Bureau of Statistics (NBS) on Friday reported that The Netherlands ranked top of the five partners and by major commodities in Nigeria’s merchandise trade with foreign countries in the second quarter of this year.
The Bureau, in its ‘Commodity Price Indices and Terms of Trade Q2 2023’ report published on its website indicated that in the quarter under review, Nigeria’s export trade with The Netherlands was valued at N788.85 billion accounting for 11.24% of total export.
It listed the major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude worth N766.36 billion, Other Frozen shrimps and prawns (N 4.44 billion) and mechanically propelled vessels for the transport of goods, (N4.22billion).
However, total imports from The Netherlands were valued at N369.69 billion during the period under review.
On Nigeria’s trade with the United States of America, which ranked second during the quarter, the Bureau reported that Nigeria’s export trade to the U.S totalled N718.63 billion, representing 10.24% of total exports with “Petroleum oils and oils obtained from bituminous minerals, crude’’ valued at N583.20 billion, “Other petroleum gases etc.` in the gaseous state” (N61.79 billion) and “Urea, whether or not in aqueous solution” worth N36.15 billion as major export commodities to the country.
The statistics agency clarified that on the other hand, imports from the U.S stood at N755.47 billion with Used Vehicles, with diesel or semi-diesel engines, of cylinder capacity >2500cc ranked highest with a value of N721.79 billion.
The report further reflected that Indonesia ranked third in Nigeria’s merchandise trade value in Q2, 2023 with her export trade to Indonesia totalling N550.18 billion, representing 7.84% of total exports.
On the import side, Nigeria’s highest traded commodity with the Asian country during the period under review totaled N23.87 billion with “Other weighing 40 g/m2 or more but not more than 150 g/m2” having the highest value of N11.79 billion.
A further analysis of the merchandise trade data for Q2, 2023 showed that France ranked fourth with Nigeria’s total exports to the country valued at N540.73 billion or 7.71% of total exports.
On the other hand, the value of imports from France stood at N104.84 billion.
The NBS also disclosed that in the quarter under review, Spain ranked fifth in Nigeria’s merchandise trade value with exports to the country totalling at N504.45 billion, representing 7.19% of total exports.
The largest export commodity to Spain was “Petroleum oils and oils obtained from bituminous minerals, crude’’ worth N307.11 billion, followed by Natural gas valued at N169.80 billion, “Mechanically propelled vessels for the transport of goods, gross tonnage not specified in 8901” (N11.00 billion) and others.
It added that on the other hand, the main commodities imported from Spain totaled N30.78 billion with “Mixed alkylbenzenes and mixed alkylnaphthalenes” accounting for N15.87 billion.
