Nigeria recorded a trade surplus of N1.89 trillion in the third quarter of 2023, which is higher than the N1.25 trillion in the preceding quarter, the National Bureau of Statistics (NBS) has reported.
The statistics agency, in its latest ‘Foreign Trade in Goods Statistics Q3 2023’ report published on Monday, reported that in the quarter under review, Nigeria’s merchandize trade value increased to N18.8 trillion, representing an increase of over N6.1 trillion when compared with the N12.74 trillion in Q2 2023.
According to the Bureau, for the third quarter of this year, total exports’ value stood at N10.35 trillion while total imports’ totalled N8.46 trillion.
The report further stated: “Nigeria’s total trade in the third quarter of 2023 stood at N18,804.29 billion. Exports were valued at N10,346.60 billion while total imports stood at N8,457.68 billion.
“Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (N6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (N5,934.15 billion).
“Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (N5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (N6,343.53 billion).
“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”, the agency added.
On Nigeria’s top export trading partners, the report showed that Spain dislodged the Netherlands, Nigeria’s top export destination in Q2 2023, to become Nigeria’s top export trading partner for Q3 2023, with a total value of N1.27 trillion exported goods, followed by India, with the Netherlands, settling in third position.
The NBS further clarified: “Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of N1,274.07 billion or 12.31% of the country’s total exports, this was followed by India with N1,015.13 billion or 9.81%, The Netherlands with N988.66 billion or 9.56%, Indonesia with N758.59 billion or 7.33%, France with N720.45 billion or 6.96% of total exports.
“Altogether, exports to the top five countries amounted to 45.98% of the total value of exports”, it added.
This is even as it reported that ‘Petroleum oils and oils obtained from bituminous minerals, crude’ was Nigeria’s most exported product in the quarter under review, representing 82.5% of the country’s total export at N8.54 trillion.
The oils’ exports were followed by ‘Natural gas, liquefied’ at N1.02 trillion (9.82% of total export) and ‘Urea, whether or not in aqueous solution’ at N109.68 billion (1.06% of total export).
Conversely, on Nigeria’s top import trading partners, the report still reflected that China still led the chart with import value from the Asian country hitting N1.97 trillion, representing about 23.33% of the country’s total imports in the third quarter.
The statistics agency stated: “Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (N1,973.34 billion or 23.33%), this was followed by imports from Belgium with N996.65 billion or 11.78%, India with N802.07 billion or 9.48%, Malta with N561.37 billion or 6.64% and the United States of America with N502.92 billion or 5.95% of total imports.
“The values of imports from the top five countries amounted to N4,836.36 billion representing a share of 57.18% of total imports”, it added.
Nigeria’s most imported products in Q3 2023 were ‘Motor Spirit Ordinary’ (N1.92 trillion or 22.71% of total imports), ‘Gas oil’ (N736.66 billion or 8.71%), and ‘Durum wheat (not in seeds) with a value of N331.76 billion or 3.92% of total import.
