Nigeria recorded a trade surplus of N1.89 trillion in the third quarter of 2023, which is higher than the N1.25 trillion in the preceding quarter.
Also, the latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics shows that Nigeria had a total trade of N18.8 trillion by Q3 2023, which is also an increase from N12.74 trillion in Q2 2023.
For the third quarter of this year, total exports were N10.35 trillion while total import was N8.46 trillion.
The increase from the preceding quarter is attributed to a rise in trade activities in Q3 2023.
The report read: “Nigeria’s total trade in the third quarter of 2023 stood at N18,804.29 billion. Exports were valued at N10,346.60 billion while total imports stood at N8,457.68 billion.
“Total exports increased by 60.78 per cent compared to the amount recorded in the second quarter of 2023 (N6,435.13 billion) as well as by 74.36 per cent compared to the corresponding quarter in 2022 (N5,934.15 billion).
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“Similarly, total imports increased by 47.70 per cent compared to the value recorded in the second quarter of 2023 (N5,726.25 billion) and by 33.33 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6,343.53 billion).
“The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.”
Spain unseats Netherlands (Nigeria’s top export destination in Q2 2023) to become Nigeria’s top export trading partner for Q3 2023, with a total value of N1.27 trillion exported goods.
It is followed by India, with the Netherlands, settling in third position.
“Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of N1,274.07 billion or 12.31 per cent of the country’s total exports, this was followed by India with N1,015.13 billion or 9.81 per cent, The Netherlands with N988.66 billion or 9.56 per cent, Indonesia with N758.59 billion or 7.33 per cent, France with N720.45 billion or 6.96 per cent of total exports.
“Altogether, exports to the top five countries amounted to 45.98 per cent of the total value of exports,”the report further reads
It added that ‘Petroleum oils and oils obtained from bituminous minerals, crude’ was Nigeria’s most exported product, representing 82.5 per cent of the country’s total export at N8.54 trillion.
This product is followed by ‘Natural gas, liquefied’ at N1.02 trillion (9.82 per cent of total export) and ‘Urea, whether or not in aqueous solution’ at N109.68 billion (1.06 per cent of total export).
Nigeria’s demand for Chinese goods has not dissipated over the years, as the Asian country maintained its lead as the top import trading partner of Nigeria.
Import from China is valued at N1.97 trillion, which is about 23.33 per cent of the country’s total imports.
The report added: “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 per cent), this was followed by imports from Belgium with ₦996.65 billion or 11.78 per cent, India with ₦802.07 billion or 9.48 per cent, Malta with ₦561.37 billion or 6.64 per cent and the United States of America with ₦502.92 billion or 5.95 per cent of total imports.
“The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18 per cent of total imports.”
Nigeria’s most imported products were ‘Motor Spirit Ordinary’ (N1.92 trillion or 22.71 per cent of total imports), ‘Gas oil’ (N736.66 billion or 8.71 per cent), and ‘Durum wheat (not in seeds) with a value of N331.76 billion or 3.92 per cent of total import.
