Foreign Trade Increased to N71.88tn in 2023

*Posts N1.4tn deficit in Q4, crude oil exports hits N10.3tn

James Emejo in Abuja

Nigeria’s total merchandise trade increased to N71.88 trillion in 2023, compared to N52.38 trillion in the preceding year, the National Bureau of Statistics (NBS) disclosed yesterday.
Of the total annual trade, exports amounted to N35.96 trillion while imports represented N35.91 trillion, indicating a surplus of N44 billion.
However, the country recorded a deficit of N1.41 trillion in the fourth quarter of the review period (Q3 2023), when total trade stood at N26.80 trillion, of which exports were valued at N12.69 trillion.
Nonetheless, Q4 performance indicated an increase of 38.24 per cent over the value recorded in Q3, 2023, and by 128.64 per cent compared to the value recorded in Q4 2022.

According to the Foreign Trade in Goods Statistics (Q4 2023), which was released by the statistical agency, total exports in the quarter under review increased by 22.68 per cent when compared to N10.34 trillion in the preceding quarter, as well as increased by 99.60 per cent compared to N6.35 trillion in Q4 2022.
Similarly, total imports increased by 56.04 per cent compared to N9.04 trillion in Q3 and also rose by 163.08 per cent compared to N5.36 trillion in Q4 2022, the NBS stated.

Further Q4 analysis showed that the country’s top five export destinations as The Netherlands with N1.91 trillion or 15.05 per cent of total trade, India N1.10 trillion or 8.68 per cent, Spain N1.03 trillion, representing 8.11 per cent, Canada N907.64 billion or 7.15 per cent, and France N799.77 billion or 6.30 per cent of total exports.

According to the NBS, exports to the top five countries amounted to 45.29 per cent of the total export value.
The largest exported product in the review quarter was petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10.31 trillion representing 81.23 per cent.
This was followed by Natural gas, with N1.01 trillion, accounting for 8 per cent, as well as Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 per cent of total exports.

Non-oil export was valued at N1.09 trillion while non-crude oil export stood at N2.38 trillion in Q4.
However, the top five imports trading partners included Singapore with goods valued at N5.09 trillion, representing 36.09 per cent, China N2.06 trillion or 14.61 per cent, Belgium N1.14 trillion or 8.09 per cent, India N908.59 billion or 6.44 per cent and the United States of America N512.99 billion or 3.64 per cent.
The values of imports from the top five countries amounted to N9.71 trillion in the review quarter.

According to the statistical agency, the value of re-exports stood at N50.91 billion representing 0.40 per cent of total exports.
The top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands and the most re-exported commodity was ‘Vessels and other floating structures for breaking up with N13.67 billion. This was followed by mechanically propelled vessels for the transport of goods, with gross tonnage higher than 500 tonnes’ which was valued at N6.76 billion.
Also, Other machinery of heading 84.30, not self-propelled amounted to N6.26 billion. Tugs and pusher craft valued at N4.54 billion, and ‘Artificial filament tow of cellulose acetate’ amounted to N2.42 billion.