Oil Dominates Nigeria’s N1.9trn Trade Surplus In Q3

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Nigeria’s external sector improved last quarter (Q3) rising to N1.89 trillion from N1.28 trillion posted in the second quarter (Q2) representing a 47 percent trade surplus quarter on quarter.

Expectedly, crude accounted for N8.5 trillion of the total exports representing 82.5 percent.

The National Bureau of Statistics (NBS) in its latest report on Foreign Trade shows that ‘petroleum oils and oils obtained from bituminous minerals, crude’ was N8.54 trillion, representing 82.5 percent. This was followed by ‘Natural gas, liquefied’ with N1.016, accounting for 9.82 percent, and ‘urea, whether or not in an aqueous solution’ with N109.68 billion or 1.06 percent of total exports,” the report said.

The value of non-crude oil exports stood at N1.8 trillion, an equivalent of 17.5 percent, of which non-oil products contributed N677.56 billion or 6.6 percent.

The National Bureau of Statistics (NBS), in its Nigeria’s foreign trade in goods statistics for the quarter released yesterday, put the country’s total merchandise trade at N18.804 trillion.

According to NBS, the value indicates an increase of 54.62 percent over the amount recorded in Q2 as well as by 53.16 percent when compared to the value recorded in last year’s Q3.

Total exports accounted for 55.02 percent of total trade in the reviewed quarter with a value of N10.35 trillion, showing an increase of 60.78 percent and 74.36 percent over the value recorded in the preceding and corresponding quarters respectively.

On the other hand, imports accounted for 45 percent of total trade with its value amounting to N8.46 trillion. The figure indicates an increase of 47.7 per cent and 33.33 per cent respectively over N5.73 trillion and N6.34 trillion recorded in the preceding and the corresponding quarters of 2022.

“Q3 2023 merchandise trade balance amounted to ₦1.888 trillion indicating a positive balance of trade. The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by a considerable increase in trade activities within the period,” the report said.

It disclosed that the value of re-export stood at N35.95 billion, representing 0.35 percent of total exports in Q3.

Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations.

Analysis by trading partners in Q3 shows that Spain recorded the highest exports from Nigeria with a value of N1.27 trillion or 12.31 percent of the country’s total exports. This was followed by India with N1.02 trillion or 9.81 percent.

The Netherlands with N988.66 billion or 9.56 percent, Indonesia (N758.59 billion or 7.33 percent), and France with N720.45 billion or 6.96 percent) came next.

“Altogether, exports to the top five countries amounted to 45.98 percent of the total value of exports.

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