NIGERIA TOTAL MERCHANDISE TRADE IMPROVED SLIGHTLY IN Q1, 2023 DUE TO A MARGINAL INCREASE IN IMPORT AND EXPORT TRADE RESULTING IN A POSITIVE TRADE BALANCE
In the first quarter of 2023, Nigeria’s total trade stood at N12,046.92 billion of which total exports stood at N6,487.04 billion and total imports amounted to N5,559.88 billion.
Total exports increased in the first quarter by 2.00% but declined by 8.66% when compared to the amount recorded in the fourth quarter of 2022 (N6,359.61billion) and the corresponding quarter in 2022 (N7,102.11 billion) respectively. In the same vein, total imports increased by 3.67% in the first quarter of 2023 compared to the value recorded in the fourth quarter of 2022 (N5,362.83 billion) but then again declined by 25.83% when compared to the value recorded in the corresponding quarter of 2022 (N7,495.67 billion).
The value of Re-exports in the quarter under review stood at N32.17 billion representing 0.50% of total exports. Data available shows that the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while the most re-exported commodity was ‘Vessels and other floating structures for breaking up with N21.07 billion, this was followed by ‘Light vessels, fire floats, floating cranes, and other vessels not specified in 8905’ valued at N4.71 billion, ‘Other instruments and appliances for Surveying not specified in 9015’ amounting to N0.93 billion and Parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85billion.
The top five export destinations in the first quarter of 2023 were the Netherlands with N837.65 billion or 12.91%, the United States of America with N579.35 billion or 8.93%, Spain with N488.17 billion or 7.53%, France with N487.34 billion or 7.51% and India with N456.69 billion or 7.04% of total exports. Altogether, exports to the top five countries amounted to 43.92% of the total value of exports. ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,148.58 billion representing 79.37% remains the commodity with the largest export values in the period under review, followed by ‘Natural gas, liquefied’ with N622.36 billion accounting for 9.59%, and ‘Urea, whether or not in aqueous solution’ with N146.79 billion or 2.26% of total exports.
In terms of Imports (CIF), China, The Netherlands, Belgium, India, and the United States of America were the top five countries of origin of imports to Nigeria in the first quarter of 2023. The values of imports from the top five countries amounted to N3,101.42 billion representing a share of 55.78% of the total value of imports. While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,492.28 billion or 26.84%), ‘Gas Oil’ (N472.40 billion or 8.50% and ‘Durum Wheat (Not in seeds)’ (N249.22 billion or 4.48%)..