Nigeria records N1.28 trn trade balance in Q2’23

Nigeria recorded a N1.28 trillion trade balance in the second quarter of 2023 (Q2’23), representing a 38 percent rise when compared to N927.15 billion in Q1’23.

This was due to the increases recorded in total imports and exports during the period.

The National Bureau of Statistics, NBS, disclosed this today in its Foreign Trade in Goods Statistics for Q1’23, adding that the total merchandise trade also increased by 5.7 percent to N12.7 trillion in Q2’23 from N12.04 trillion in Q1’23.

NBS said, “Nigeria’s total merchandise trade stood at ₦12.74 trillion in Q2’23, indicating an increase of 5.7 percent over the value recorded in Q1’23 but it declined by 7.6 percent when compared to the value recorded in Q2’22.

“The disaggregation of total trade into exports and imports shows that total exports stood at ₦7,015.71 billion, showing an increase of 8.15% over the value recorded in the preceding quarter and a decrease of 5.2 percent over the corresponding period in the preceding year.

“In addition, the data reveals that the share of exports in total trade stood at 55.06 percent in Q2’23.

“Exports trade in Q2’23 was dominated by crude oil exports valued at ₦5.58 trillion, which accounted for 79.63 percent of total exports, while non-crude oil exports value stood at ₦1.43 trillion, or 20.37 percent of total exports, of which non-oil products contributed ₦688.68 billion, representing 9.82 percent of total exports.

“On the other hand, total imports stood at ₦5.72 trillion in Q2’23, indicating an increase of 2.9 percent over the value recorded in the preceding quarter.

“The value of imports in the quarter under review fell by 10.37 percent compared to the value recorded in the corresponding period of 2022.

“Imports trade share of total trade in Q2’23 accounted for 44.94 percent of total trade, bringing the trade balance to ₦1.28 trillion.”

According to the bureau, the top five partner countries of origin of imports to Nigeria were China (₦1.26 trillion, or 22.17 percent), the United States of America (₦921.45 billion, or 16.09 percent), Belgium (₦460.43 billion, or 8.04 percent), India (₦417.77 billion, or 7.3 percent), and the Netherlands (₦369.69 billion, or 6.46 percent).

It added, “The values of imports from the top five countries amounted to ₦3,438.76 billion, representing a share of 60.05 percent of total imports.

“While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (₦1.23 trillion or 21.50 percent), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (₦733.92 billion or 12.82 percent and ‘Gas oil’ (₦230.83 billion or 4.03 percent).