Nigeria’s merchandize trade value in the second quarter of this year totalled N12,741.96 billion, with exports accounting for N7,015.71 billion while imports accounted for the N5,726.25 billion balance.
The National Bureau of Statistics (NBS) in its ‘Foreign Trade in Goods Statistics (Q2 2023)’ report posted on its website on Friday indicated that the nation’s total exports increased by 8.15% when compared to the N6,487.04 billion recorded in the first quarter of 2023 but declined by 5.20% compared to the N7,400.89 billion earned from exports in the corresponding quarter in 2022.
Similarly, the statistics agency reported in the period under review, total imports increased by 2.99% compared to the N5,559.88 billion value recorded in Q1 2023 but declined by 10.37% when compared to the N6,388.51 billion value recorded in the corresponding quarter of 2022.
The Bureau published that the value of Re-exports in Q2 2023 stood at N91.44 billion, representing 1.30% of total exports, adding that the top five re-export destinations were Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands.
In addition, it clarified that the most re-exported commodity was ‘Other turbines for marine propulsion with N41.24 billion; followed by ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ valued at N10.96 billion; ‘Other gas turbines not specified of a power exceeding 5,000 kW’ amounting to N6.66 billion; Other article of heading 87.84 not specified valued at 4.77 billion; and mechanically propelled vessels for the transport of goods, gross tonnage=< 500 tonnes’ valued at N4.22 billion.
On the destination of exported goods by the country in the quarter under review, the NBS listed the top five export destinations as The Netherlands with N788.85 billion or 11.24%; the United States of America with N718.63 billion or 10.24%; Indonesia with N550.18 billion or 7.84%; France with N540.73 billion or 7.71%; and Spain with N504.45 billion or 7.19% of total exports.
According to the report, altogether the exports to the top five countries amounted to 44.23% of the total value of exports and the largest export value in the quarter under review was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63%, followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11%, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16% of total exports.
The Bureau further disclosed that in terms of Imports (CIF) in Q2 2023, the top five partner countries origin of imports to Nigeria were China (N1,269.41 billion or 22.17%), the United States of America (N921.45 billion or 16.09%), Belgium (N460.43 billion or 8.04%), India (N417.77 billion or 7.30%) and The Netherlands (N369.69 billion or 6.46%).
It added that the values of imports from the top five countries amounted to N3,438.76 billion, representing a share of 60.05% of total imports, while the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,230.95 billion or 21.50%), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (N733.92 billion or 12.82%; and ‘Gas oil’ (N230.83 billion or 4.03%).
