Nigeria recorded N3.5trn trade surplus in nine months

The National Bureau of Statistics (NBS) said Nigeria recorded N3.5 trillion trade surplus between January and September of 2023.

NBS made this known in its foreign trade report for the third quarter of 2023 recently.

In the nine months of the year, according to the bureau, Nigeria’s exports totalled N23.3 trillion and total imports stood at N19.7 trillion, which gives a trade surplus of N3.5 trillion.

On foreign trade for Q1 2023, NBS said total exports were N6.49 trillion, and imports value was N5.56 trillion. The nation’s total trade was N12.05 trillion in Q1, higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.

In Q2 2023, the country’s entire trade stood at N12.16 trillion, with total exports at N6.44 trillion and imports amounting to N5.73 trillion.

In Q3 2023, there was an improvement as the total trade stood at N18.8 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion respectively.

“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion. Total exports increased by 60.78 percent compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36 percent compared to the corresponding quarter in 2022 (₦5,934.15 billion).

“Similarly, total imports increased by 47.70 percent compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33 percent when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion),” he said.

Nigeria’s export landscape underwent a significant shift in the third quarter of 2023, with Spain emerging as the country’s top export destination, accounting for a remarkable 12.31 percent of total exports, valued at N1.27 trillion.

This was followed by India, with N1.02 billion (9.81 percent), Netherlands with N988.66 billion (9.56 percent), Indonesia with N758.59 billion (7.33 percent) and France with N720.45 billion (6.96 percent) of total exports.

The five countries collectively accounted for 45.98 percent of Nigeria’s total exports, demonstrating the country’s growing presence in diverse global markets.

The NBS report shows that China maintained its position as Nigeria’s top import partner in the third quarter of 2023, accounting for a significant 23.33 percent of total imports.

“Data on imports in the third quarter of 2023 reveals the top five partner countries of origin for imports to Nigeria as China (₦1,973.34 billion or 23.33 percent), this was followed by imports from Belgium with ₦996.65 billion or 11.78 percent, India with ₦802.07 billion or 9.48 percent, Malta with ₦561.37 billion or 6.64 percent and the United States of America with ₦502.92 billion or 5.95 percent of total imports.”

“The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18% of total imports. The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71%,” the report stated.

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