Nigeria records N927.2bn trade surplus in Q1 2023
By Onome Amuge
Nigeria recorded N927.16 billion trade surplus in the first quarter of 2023 as total exports between January and March amounted to N6,487.04 billion trillion, while imports stood at N5,559.88 billion, indicating a total total trade stood of N12,046.92 trillion.
The National Bureau of Statistics (NBS) made the disclosure in a recent report titled: ‘Foreign trade in goods statistics (Q1 2023).
According to the report,though total exports rose in the first quarter by 2.00 per cent, it was down 8.66 per cent when compared to N6,359.61 billion recorded in the fourth quarter of 2022 and N7,102.11 billion in the corresponding quarter in 2022 respectively.
Notably, total imports increased by 3.67 per cent in the first quarter of 2023
compared to N5,362.83 trillion recorded in the fourth quarter of 2022,but then again declined by 25.83 per cent to N7,495.67 trillion recorded in the corresponding quarter of 2022 .
Meanwhile, the value of re-exports in the quarter under review stood at N32.17 trillion representing 0.50 per cent of total exports.
“Data available shows that 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, ‘Other instruments and appliances for Surveying not specified in 9015’ amounting 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 report noted.
Further breakdown of the total trade in the reviewed period showed that top five export destinations in the first quarter of 2023 were the Netherlands with N837.65 billion or 12.91 per cent, the United States of America with N579.35 billion or 8.93 per cent, Spain with N488.17 billion or 7.53 per cent, France with N487.34 billion or 7.51 per cent and India with N456.69 billion or 7.04 per cent of total exports. Altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports.
Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,148.58 billion representing 79.37 per cent 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 per cent, and ‘Urea, whether or not in aqueous solution’ with N146.79 billion or 2.26 per cent of total exports.
On the other hand, China,Belgium,India,The Netherlands, and the United States of America were the top five countries of origin of imports to Nigeria in the first quarter of 2023. The values of imports from the top five countries amounted to N3,101.42 trillion representing a share of 55.78 per cent of the total value of imports.
In terms of value of imports in the quarter under review, the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ at N1.49 trillion or 26.84 per cent, gas oil accounted for N472.40 billion or 4.48 per cent, while durum wheat (not in seeds) accounted for N249.22 billion or 4.48 per cent.