Nigeria’s total merchandise trade grew to N12,046.92 billion in the first quarter (Q1) this year, with the total exports peaking at N6,487.04 billion while the total imports amounted to N5,559.88 billion.
The National Bureau of Statistics (NBS) in its ‘Foreign Trade in Goods Statistics (Q1 2023)’ published on Monday indicated that the country’s merchandise trade improved slightly in the quarter under review due to a marginal increase in import and export trade resulting in a positive trade balance.
The Bureau that the nation’s total exports increased in the first quarter by 2.00% but declined by 8.66% when compared to the N6,359.61 billion recorded in the fourth quarter of 2022 and the N7,102.11 billion in the corresponding quarter in 2022.
In addition, the merchandize data also showed that Nigeria’s total imports increased by 3.67% in the quarter under review compared to the N5,362.83 billion recorded in the fourth quarter of 2022 but then again declined by 25.83% when compared to the N7,495.67 billion recorded in Q1 of 2022.
An analysis of the report reflected that the value of Re-exports in the quarter under review stood at N32.17 billion, representing 0.50% of total exports.
According to the report, the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while the most re-exported commodity was ‘Vessels and other floating structures for breaking up with N21.07 billion, this was followed by ‘Light vessels, fire floats, floating cranes, and other vessels not specified in 8905’ valued at N4.71 billion.
The Bureau also disclosed that ‘Other instruments and appliances for Surveying not specified in 9015’ amounted to N0.93 billion and Parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85billion.
The statistics agency reported that Nigeria’s top five export destinations in Q1, 2023 were the Netherlands with N837.65 billion or 12.91%, the United States of America with N579.35 billion or 8.93%, Spain with N488.17 billion or 7.53%, France with N487.34 billion or 7.51% and India with N456.69 billion or 7.04% of total exports.
It further disclosed that exports to the top five countries amounted to 43.92% of the total value of exports. ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,148.58 billion representing 79.37% remains the commodity with the largest export values in the period under review, followed by ‘Natural gas, liquefied’ with N622.36 billion accounting for 9.59%, and ‘Urea, whether or not in aqueous solution’ with N146.79 billion or 2.26% of total exports.
The Bureau reported that in terms of Imports (CIF), China, The Netherlands, Belgium, India, and the United States of America were the top five countries of origin of imports to Nigeria in the first quarter of 2023.
The merchandize trade data showed that the values of imports from the top five countries amounted to N3,101.42 billion, representing a share of 55.78% of the total value of imports.
The ‘Foreign Trade in Goods Statistics (Q1 2023) report further reflected that the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,492.28 billion or 26.84%), ‘Gas Oil’ (N472.40 billion or 8.50% and ‘Durum Wheat (Not in seeds)’ (N249.22 billion or 4.48%).
