The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s total trade stood at N26.8 trillion in the fourth quarter of 2023.
NBS in its “Foreign Trade in Goods Statistic” disclosed that exports were valued at N12.69trillion while imports amounted to N14.1trillion.
“On an annual basis, total trade was N71.88 trillion, of which imports amounted to N35.92 trillion, and exports were recorded at N35.96 trillion,” the report said.
According to NBS, the total exports in the Q4 2023 under review increased by 22.68 per cent when compared to the amount recorded in Q3 2023 (N10,346.60 billion) as well as by 99.60 per cent compared to the corresponding quarter in 2022 (N6,359.61 billion).
“In the same vein, total imports increased by 56.04 percent compared to the value recorded in the third quarter of 2023 (N9,041.24 billion) and by 163.08 per cent when compared to the value recorded in the corresponding quarter of 2022 (N5,362.83 billion).
“The value of re-exports stood at N50.91 billion representing 0.40 per cent of total exports. Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands and the most re-exported commodity was ‘Vessels and other floating structures for breaking up. With N13.67 billion, ‘this was followed by Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at N6.76 billion, ‘Other machinery of heading 84.30, not self-propelled’ amounting to N6.26 billion, Tugs and pusher craft. Valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at N2.42 billion.”
The report stated that analysis on Q4 2023 trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with N1,910.47 billion or 15.05 per cent, India with N1,101.47 billion or 8.68 per cent, Spain with N1,030.09 billion or 8.11 per cent, Canada with N907.64 billion or 7.15 per cent, France with N799.77 billion or 6.30 per cent of total exports. Altogether, exports to the top five countries amounted to 45.29 per cent of the total value of exports.
It added that “The largest exported product in the Q4 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion representing 81.23 per cent, this was followed by ‘Natural gas,’ with N1,015.84 billion accounting for eight per cent, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 per cent of total exports.”
The report stated that in terms of Imports (CIF), the top five trading partners were Singapore with goods valued at N5,092.36 billion or 36.09 per cent, China with N2,060.59 billion or 14.61 per cent, Belgium with N1,140.97 billion or 8.09 per cent, India with N908.59 billion or 6.44 per cent and The United States of America with goods valued at N512.99 billion or 3.64 per cent. The values of imports from the top five countries amounted to N9,715.50.”
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