Nigeria’s Exports, Imports Close at N35.9trn Each in 2023
Nigeria achieved near balanced trade record in 2023, the latest data provided by the statistics office showed. Exports and imports value nearly formed an equilibrium of around N35.9 trillion, the National Bureau of Statistics (NBS) report revealed.
In the fourth quarter of 2023, Nigeria’s total trade stood at ₦26,801.95 billion, according to NBS, adding that exports were valued at ₦12,693.62 billion while imports amounted to ₦14,108.33 billion.
On an annual basis, total trade came strong at ₦71,880.01 billion, of which imports amounted to ₦35,917.62 billion, and exports were recorded at ₦35,962.39 billion.
Total exports in the quarter under review increased by 22.68% when compared to ₦10,346.60 billion recorded in the third quarter of 2023. The amount was 99.60% above ₦6,359.61 billion recorded in the corresponding quarter in 2022.
In the same vein, total imports increased by 56.04% compared to ₦9,041.24 billion recorded in the third quarter of 2023. It is 163.08% higher than ₦5,362.83 billion recorded in the corresponding quarter of 2022.
The value of re-exports stood at ₦50.91 billion representing 0.40% of total exports, according to the statistics office.
Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana and the Netherlands.
“The most re-exported commodity was ‘Vessels and other floating structures for breaking up. with ₦13.67 billion, ‘this was followed by Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at ₦6.76 billion,
“‘Other machinery of heading 84.30, not self-propelled’ amounting to ₦6.26 billion, Tugs and pusher craft valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at ₦2.42 billion”.
Further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with ₦1,910.47 billion or 15.05%, India with ₦1,101.47 billion or 8.68%, Spain with ₦1,030.09 billion or 8.11%, Canada with ₦907.64 billion or 7.15%, France with ₦799.77 billion or 6.30% of total exports.
Altogether, exports to the top five countries amounted to 45.29% of the total value of exports.
The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at ₦10,310.70 billion representing 81.23%.
This was followed by ‘Natural gas,’ with ₦1,015.84 billion accounting for 8.00%, and ‘Urea, whether or not in aqueous solution’ with ₦251.90 billion or 1.98% of total exports.
In terms of Imports (CIF), the top five trading partners were Singapore with goods valued at ₦5,092.36 billion or 36.09%, China with ₦2,060.59 billion or 14.61%, Belgium with ₦1,140.97 billion or 8.09%, India with ₦908.59 billion or 6.44% and The United States of America with goods valued at ₦512.99 billion or 3.64%. The values of imports from the top five countries amounted to ₦9,715.50 billion representing a share of 68.86% of total imports.
While the commodities with the largest values of imported products were ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5,061.25 billion or 35.87%, ‘Motor spirit, ordinary’ valued at ₦1,807.48 billion or 12.81% and ‘Gas oil valued at ₦1,196.26 billion or 8.48%.
IMPORTS
The value of total imports stood at ₦14,108.33 billion in the fourth quarter of 2023, this represents an increase of 56.04% compared with N9,041.24 billion recorded in Q4, 2023. It is up by 163.08% compared to ₦5,362.83 billion recorded in the corresponding quarter of 2022.
NBS said this increase was largely due to the import of ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5,061.25 billion during the quarter under review.
The value of imports of agricultural goods in Q4, 2023 stood at ₦711.14 billion. This showed an increase of 10.48% and 59.87% when compared to ₦643.68 billion recorded in Q3 of 2023 and the corresponding quarter of ₦444.82 billion in 2022 respectively.
The value of raw material imports stood at ₦966.80 billion in Q4, 2023. This value increased by 1.67% when compared to ₦950.93 billion in Q3, 2023 and up 72.87% when compared to (₦599.25 billion recorded in Q4, 2022 respectively.
The value of solid minerals imports in the fourth quarter of 2023 stood at ₦58.92 billion. This value was 6.43% higher than the value recorded in Q3, 2023 (₦55.36 billion) and 72.68% higher than the value recorded in Q4, 2022 (₦34.12 billion).
The value of energy goods imports stood at ₦0.08 billion in Q4, 2023 while the value recorded in the third quarter of 2023 was ₦0.01 billion.
The value of imported manufactured goods in the quarter under review stood at ₦9,026.46 billion showing an increase of 128.12% and 268.76% when compared to the value recorded in Q3, 2023 (₦3,956.81 billion) and the value recorded in Q4, 2022 (₦2,447.76 billion) respectively.
This increase was largely due to the import of ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth ₦5,061.25 billion.
The value of other oil products imports in Q3,2023 stood at ₦3,344.93 billion indicating a decrease of 2.61% and an increase of 78.22% from the value recorded in Q3, 2023 (₦3,434.45 billion) and the corresponding quarter of 2022 (₦1,876.87 billion) respectively.
The value of total exports in Q4, 2023 stood at ₦12,693.62 billion indicating an increase of 22.68% compared with the value recorded in Q3, 2023 (₦10,346.60 billion) and by 99.60% when compared with the value recorded in the fourth quarter of 2022 (₦6,359.61 billion).
The value of agricultural goods exports stood at ₦463.97 billion in Q4, 2023, showing an increase of (110.91%) over the value recorded in Q3, 2023 (₦219.99 billion) and a rise of 171.97% when compared to the value recorded in Q4, 2022 (₦170.59 billion).
The value of raw material goods exports in Q4, 2023 was valued at ₦329.41 billion, this represents an increase of 74.09% and 56.28% when compared to the value recorded in Q3, 2023 (₦189.22 billion) and Q4, 2022 (₦210.78 billion) respectively.
The value of solid minerals exports in Q4, 2023 was valued at ₦35.87 billion indicating a decrease of 13.79% over the value recorded in Q3, 2023 (₦41.61 billion) and a 70.58% increase when compared to the value recorded in the corresponding quarter in 2022 (₦21.03 billion).
The exports value of energy goods in Q4, 2023 stood at ₦31.04 billion indicating an increase of 16.83% when compared to the value recorded in Q3, 2023 (₦26.57 billion) and increased by 64.86% compared to Q4, 2022 (₦18.83 billion).
The value of manufactured goods exports was valued at ₦234.96 billion in Q4, 2023. This represents an increase of 17.37% but a decrease of (24.45%) when compared to the value recorded in Q3, 2023 (₦200.19 billion) and Q4 2022 (₦311.01 billion) respectively.
The value of crude oil exports in Q4, 2023 stood at ₦10,310.70 billion indicating an increase of 20.80% compared to the value recorded in Q3, 2023 (₦8,535.61 billion) and increased by 109.91% when compared to the same period in 2022 (₦4,911.92 billion).
The value of other oil products exports in Q4, 2023 was ₦1,287.65 billion, this showed an increase of 13.61% and by 79.98% when compared to the value recorded in Q3, 2023 (₦1,133.42 billion) and the value in the fourth quarter of 2022 (₦715.45 billion) respectively. #Nigeria’s Exports, Imports Close at N35.9trn Each in 2023
VFD Group Forecasts N3.26bn as Profit in Q2-2024
