Nigeria records N1.4tr trade deficit in Q4 2023

Nigeria recorded N1.41 trillion trade deficits between October and December of 2023, the latest report by the National Bureau of Statistics (NBS) on foreign trade for fourth quarter of 2023 has revealed.

In the period under review, Nigeria’s total export was N12.69 trillion, while total import stood at N14.11 trillion — which gives a trade deficit of N1.41 trillion.

A trade deficit is an economic indicator of a negative trade balance in which a nation’s import outweighs its export.

The report also revealed that the Netherlands, India, Spain, Canada and France were the top five export destinations for Nigerian products in the fourth quarter of 2023.

The Netherlands, however, led the pack with N1.910.47 trillion or 15.05 per cent export in Q4 2023.

India followed with N1.101.47 trillion or 8.68 per cent.

The next were Spain with N1.030.09 trillion or 8.11 per cent, Canada with N907.64 billion or 7.15 per cent, and France with N799.77 billion or 6.30 per cent of total export.

Altogether, export to the top five countries amounted to 45.29 per cent of the total value of export.

The report stated: “In the fourth quarter of 2023, Nigeria’s total trade stood at N26.801.95 trillion. Export was valued at N12.693.62 trillion, while import amounted to N14.108.33 trillion,” NBS said.

“On an annual basis, the total trade was N71.880.01 trillion, of which import amounted to N35.917.62 trillion, and export stood at N35.962.39 trillion.”

Compared to Q3 2023, export rose by 22.68 percent quarter-on-quarter, from N10.35 trillion to N12.69 trillion in Q4 last year.