Spain dominates as key destination for Nigerian exports in Q3

Business a.m

Spain has emerged as the leading destination for Nigerian exports, accounting for 12.31 per cent of total exports valued at N1.27 trillion, according to the foreign trade in goods statistics in the third quarter of 2023.

The report published by the National Bureau of Statistics (NBS) also showed that India was the second-largest destination for Nigerian exports, with 9.81 per cent of total exports valued at N1.02 billion. The Netherlands followed close behind with 9.56 per cent of total exports valued at N988.66 billion, while Indonesia came in fourth with 7.33 per cent of total exports valued at N758.59 billion. France rounded out the top five with 6.96 per cent of total exports valued at N720.45 billion.

The findings of the report show that these five countries collectively accounted for 45.98 per cent of Nigeria’s total exports, highlighting the country’s expanding global reach. 

In terms of imports, China remained the top import partner for Nigeria in the third quarter of 2023, with a substantial 23.33 per cent share of total imports. 

“Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (₦1,973.34 billion or 23.33%), this was followed by imports from Belgium with ₦996.65 billion or 11.78%, India with ₦802.07 billion or 9.48%, Malta with ₦561.37 billion or 6.64% and the United States of America with ₦502.92 billion or 5.95% of total imports,” NBS said.

The report’s findings show that Nigeria’s total merchandise trade amounted to N18,804.29 billion in the third quarter of 2023, representing a 54.62 per cent increase from the previous quarter and a 53.16 per cent increase from the corresponding quarter of the previous year. The increase in total trade was largely driven by an increase in exports, which accounted for 55.02 per cent of total trade and rose by 60.78% from the previous quarter and 74.36 per cent from the corresponding quarter of the previous year.

The statistics indicated that in the third quarter of 2023, Nigeria recorded a trade surplus of N1,888.92 billion, up from N2,317.34 billion in the second quarter of the year and N2,038.50 billion in the third quarter of 2022. This trade surplus was driven by higher export earnings compared to import payments.

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