Nigeria’s export trade in the first quarter of 2023 stood at N6.5 trillion. This is according to a recent data released by the National Bureau of Statistics (NBS).
The bureau said the total export trade slightly improved in the first quarter of 2023 by 2%, but declined by 8.66% when compared to the amount recorded in the fourth quarter of 2022 (₦6,359.61billion) and the corresponding quarter in 2022 (₦7,102.11 billion) respectively.
The NBS said re-exports value in the quarter under review stood at N32.17 billion representing 0.50 per cent of total exports. While total imports increased by 3.67 per cent in Q1 2023 compared to the value recorded in Q4 2022 at N5,362.83 billion.
“Total imports however fell by 25.83 per cent when compared to the value recorded in Q1 2022 at N7,495.67 billion,” it said.
The report said in Q1 2023, Nigeria’s total trade stood at N12.1 trillion of which total exports stood at N6.5 trillion and total imports amounted to N5.6 trillion.
The report added that between January and March, Nigeria exported goods to five countries. According to the data, the Netherlands had the highest trading share with (12.91 per cent). Others include the United States (8.93 per cent), Spain (7.53 per cent), France (7.51 per cent) and Indonesia (7.04 per cent).
On imports. China had the highest percentage share with 23.32 per cent. It was followed by the Netherlands with 10.35 per cent, Belgium with 9.32 per cent, India with 7.69 per cent and the United States with 5.11 per cent.
Top traded products within the quarter are: Motor spirit, Gas oil, Durum wheat, Cane sugar, Kerosene, Sesame seeds, cocoa beans, Urea, natural gas liquefied and petroleum oil.
By sector, the value of total trade in agricultural goods stood at ₦751.03 billion, solid minerals stood at ₦70.85 billion, manufactured goods traded at ₦2,527.37 billion, raw materials stood at ₦755.36 billion while Maritime transport accounted for ₦6,419.92 billion.
Cocoa beans, sesame seeds, cashew, and seven others top the list of agricultural commodities Nigeria exported in the first quarter of 2023, generating N279.64 billion in revenue
Year-on-year, the value of the top agricultural commodities exported increased by 38.7 per cent compared to the N201.59 billion recorded in the corresponding period of 2022.
In the first quarter of 2023, agricultural exports accounted for 4.31 per cent of total exports valued at N6.49 trillion.
The NBS said re-exports value in the quarter under review stood at N32.17 billion representing 0.50 per cent of total exports.
The top five re-export destinations were Cameroon, Ghana, Equatorial Guinea, the United Kingdom, and Liberia.
It said 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 valued at N4.71 billion.
Followed by this were other instruments and appliances for surveying amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion.”
The report said the top five export destinations in Q1 2023 were the Netherlands accounting for 12.91 per cent, followed by the USA at 8.93 per cent.
“This was followed by Spain at 7.53 per cent, France at 7.51 per cent, and India at 7.04 per cent of total exports.
“Altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports,” the NBS stated.
It said the commodity with the largest export values in Q1 2023 was petroleum oils and oils obtained from bituminous minerals, crude at N5,148.58 billion representing 79.37 per cent.
This was followed by ‘Natural gas, liquefied’ at N622.36 billion accounting for 9.59 per cent, and ‘Urea, whether or not in aqueous solution’ at N146.79 billion or 2.26 per cent of total exports
