According to the National Bureau of Statistics (NBS), Nigeria witnessed a slight improvement in its total merchandise trade during the first quarter of 2023. The marginal increase in both import and export trade resulted in a positive trade balance.
The NBS report titled “Foreign Trade in Goods Statistics (Q1, 2023)” revealed that Nigeria’s total trade for the first quarter amounted to N12,046.92 billion. Of this total, exports accounted for N6,487.04 billion, while imports reached N5,559.88 billion.
Exports experienced a 2.00% increase during the first quarter but declined by 8.66% compared to the fourth quarter of 2022 (N6,359.61 billion) and the corresponding quarter in 2022 (N7,102.11 billion). Similarly, imports increased by 3.67% compared to the fourth quarter of 2022 (N5,362.83 billion) but dropped by 25.83% compared to the corresponding quarter in 2022 (N7,495.67 billion).
Re-exports in the quarter amounted to N32.17 billion, representing 0.50% of total exports. The top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, the United Kingdom, and Liberia. The most re-exported commodity was “Vessels and other floating structures for breaking up” with a value of N21.07 billion, followed by “Light vessels, fire floats, floating cranes, and other vessels not specified in 8905” valued at N4.71 billion. Additionally, “Other instruments and appliances for Surveying not specified in 9015” accounted for N0.93 billion, and “Parts of work-truck of the type used in factories, warehouses, dock areas or airports” were valued at N0.85 billion.
The top five export destinations in the first quarter of 2023 were the Netherlands (N837.65 billion or 12.91%), the United States of America (N579.35 billion or 8.93%), Spain (N488.17 billion or 7.53%), France (N487.34 billion or 7.51%), and India (N456.69 billion or 7.04%). Collectively, exports to these five countries accounted for 43.92% of the total export value. The largest export values were attributed to “Petroleum oils and oils obtained from bituminous minerals, crude” (N5,148.58 billion or 79.37%), followed by “Natural gas, liquefied” (N622.36 billion or 9.59%) and “Urea, whether or not in aqueous solution” (N146.79 billion or 2.26%).
Regarding imports (CIF), China, the Netherlands, Belgium, India, and the United States of America were the top five countries of origin in the first quarter of 2023. The imports from these countries amounted to N3,101.42 billion, representing 55.78% of the total import value. The highest import values were attributed to “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%).