In the second quarter of 2023, Nigeria’s total trade stood at N12,741.96 billion, total exports stood at N7,015.71 billion and total imports amounted to N5,726.25 billion. Total exports increased by 8.15% when compared to the amount recorded in the first quarter of 2023 (N6,487.04 billion) but declined by 5.20% compared to the corresponding quarter in 2022 (N7,400.89 billion). Likewise, in the period under review, total imports increased by 2.99% compared to the value recorded in the first quarter of 2023 (N5,559.88 billion) but declined by 10.37% when compared to the value recorded in the corresponding quarter of 2022 (N6,388.51 billion).
The value of Re-exports in the quarter under review stood at N91.44 billion representing 1.30% of total exports. Data available 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.
The 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 terms of Imports (CIF), In the second quarter of 2023, the top five partner countries origin of imports to Nigeria were China (N1,269.41 billion or 22.17%), the United States of America (N921.45 billion or 16.09%), Belgium (N460.43 billion or 8.04%), India (N417.77 billion or 7.30%) and The Netherlands (N369.69 billion or 6.46%). 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%)..