Nigeria’s Merchandise Trade Grows By 145.58% Y-o-Y In Q1 2024

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….As Trade Surplus Hits N6,524.13Bn

Nigeria’s total merchandise trade increased to N31,810.59 billion in Q1, 2024, representing an increase of 145.58% compared to the N12,953,131.27 value recorded in the corresponding period of 2023, the National Bureau of Statistics (NBS) has reported.

The Bureau, in its ‘Foreign Trade in Goods Statistics (Q1 2024)’ report published on Friday, June 7, disclosed that when compared to the value of merchandize trade in the preceding quarter (Q4,2023), the country’s import-export trade value rose by 46.27% quarter-on-quarter.

The report also reflected that export accounted for 60.25% of Nigeria’s total trade in the quarter under review with a value of N19,167.36 billion, showing an increase by 195.47% over the N6,487.04 billion value recorded in the first quarter of 2023, and by 51.00% compared to the N12,693.62 billion value recorded in Q4 2023.

According to the statistics agency, the nation’s Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at N15,486.63 billion or 80.80% of total exports while the value of non-crude oil exports totalled N3,680.73 billion, accounting for 19.20% of total exports and of which non-oil products contributed N1,778.85 billion or 9.28% of total exports.

A further analysis of the exports trade showed that in Q1 2024, Nigeria’s top trading export partners were France, Spain, the Netherlands, India, and the United States of America.

In addition, the Bureau reported that the most exported commodities included crude oil, liquefied natural gas, sesame seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.

Similarly, the report indicated that the value of Nigeria’s total Imports stood at N12,643.23 billion in the first quarter of 2024, representing a rise of 95.53% from the (N6,466.10 billion value recorded in the corresponding quarter of 2023, and an increase of 39.65% compared with the N9,053.78 billion value recorded in Q4, 2023.

This is even as the merchandise trade data on imports revealed that in the quarter under review, China ranked highest among the top trading partners on the import side, followed by India, United States of America, Belgium, and The Netherlands.

In Q1 2024, Nigeria’s most traded import commodities were Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.

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