Nigeria’s Total Exports Falls 5.2%, Imports Slump Faster
Nigeria’s total exports dropped by 5.2% year on year to settle at about N6.5 trillion at the end of the second quarter of 2023, as against N7.4 trillion reported by the statistics office in the comparable period in 2022. Indicating a better trade position, total imports dropped faster at 10.37% year on year, the figure showed.
National Bureau of Statistics said in its latest report on foreign trade that In the second quarter of 2023, Nigeria’s total trade came at N12,741.96 billion. The trade record comprises a total export of N7,015.71 billion while total imports amounted to N5,726.25 billion.
The Bureau said total exports increased by 8.15% when compared to N6,487.04 billion recorded in the first quarter of 2023 but declined by 5.20% compared to N7,400.89 billion recorded in the corresponding quarter in 2022.
Likewise, in the period under review, total imports increased by 2.99% to N5,559.88 billion compared to the value recorded in the first quarter of 2023. However, the figure translates to a 10.37% decline when compared to N6,388.51 billion recorded in the corresponding quarter of 2022.
The value of Re-exports in the quarter under review stood at N91.44 billion representing 1.30% of total exports, according to the statistics office. The available data shows that the top five re-export destinations were Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands.
“The most re-exported commodity was ‘Other turbines for marine propulsion with N41.24 billion, this was followed by ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ valued at N10.96 billion,
“Other gas turbines not specified of a power exceeding 5,000 kW’ amounting to N6.66 billion, Other article of heading 87.84 not specified valued at 4.77 billion, and mechanically propelled vessels for the transport of goods, gross tonnage=< 500 tonnes’ valued at N4.22 billion”.
According to the foreign trade report, he top five export destinations in Q2, 2023 were the Netherlands with N788.85 billion or11.24%, the United States of America with N718.63 billion or 10.24%, Indonesia with N550.18 billion or 7.84%, France with N540.73 billion or 7.71% and Spain with N504.45 billion or 7.19% of total exports.
Altogether, exports to the top five countries amounted to 44.23% of the total value of exports.
The largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63% this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11%, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16% of total exports.
In the second quarter of 2023, the top five partner countries’ origin of imports to Nigeria was China with a transaction value worth N1,269.41 billion (22.17%), the United States of America transactions value worth N921.45 billion (16.09%)’
This also includes Belgium with total imports worth N460.43 billion (8.04%), imports from India totalled N417.77 billion in the period (7.30%) and The Netherlands which accounted for 6.46% of the importation transaction came at N369.69 billion.
The values of imports from the top five countries amounted to N3,438.76 billion representing a share of 60.05% of total imports.
While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,230.95 billion or 21.50%), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (N733.92 billion or 12.82% and ‘Gas oil’ (N230.83 billion or 4.03%).