Nigeria’s trade surplus rose by 33.9 percent quarter-on-quarter (QoQ) to N67.95 trillion in the second quarter of 2024 (Q2’24) from N5.19 trillion in Q1’24.

The National Bureau of Statistics (NBS) disclosed this in its Foreign Trade in Goods Statistics Report for Q2’24 on Wednesday.

According to the bureau, imports fell by 10.7 percent QoQ to N12.47 trillion in Q2’24 from N13.97 trillion in Q1’24.

However, exports grew by 1.57 percent to N19.4 trillion in Q2’24 from N19.1 trillion in Q1’24.

The report stated: “Nigeria’s total merchandise trade stood at N31.89 trillion in Q2’24 representing a decrease of 3.76 percent over the value recorded in the preceding quarter and a rise of 150.39 percent compared to the value recorded in the corresponding period of 2023.

“In the quarter under review, exports accounted for 60.89 percent of total trade with a value of N19.42 trillion, showing a marginal increase of 1.31 percent compared to the value recorded in Q1 2024 (N19.17 trillion) and a 201.76 percent rise over the value recorded in the second quarter of 2023 (N6.44 trillion).”

On exports, NBS said: “Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14.56 trillion representing 74.98 percent of total exports while the value of non-crude oil exports stood at N4.86 trillion accounting for 25 percent of total exports; of which non-oil products contributed N1.94 trillion or 10 percent of total exports.

“Share of total imports accounted for 39.1 percent of total trade in the second quarter of 2024 with the value of imports amounting to N12.47 trillion in Q2, 2024.

“This value indicates a decrease of 10.71 percent over the value recorded in Q1 2024 (N13.97 trillion) and a rise of 97.93 percent compared to the value recorded in Q2’23 (N6.3 trillion).

“The merchandise trade balance in the second quarter of 2024 remained positive at N6.95 trillion indicating an increase of 33.63 percent compared to the value recorded in the preceding quarter.”

While exports surged, imports in Q2 2024 experienced a notable decline. The total value of imports stood at N12.47 trillion, accounting for 39.11% of the country’s merchandise trade.

This marked a 10.71% decrease from the N13.97 trillion recorded in Q1 2024 but still showed a 97.93% increase from the N6.30 trillion recorded in Q2 2023.

The reduction in imports further contributed to the significant trade surplus, highlighting Nigeria’s growing export strength relative to its import demand.

Belgium followed, supplying goods worth N1.79 trillion (14.35%), while India contributed N1.06 trillion, accounting for 8.49% of total imports. The United States was the fourth-largest import partner with N917.84 billion (7.36%), and the Netherlands rounded out the top five with N585.30 billion (4.69%) of total imports.

These countries were responsible for a significant portion of Nigeria’s imports, mainly supplying mineral fuels, machinery, and transport equipment.

In Q2 2024, the bulk of Nigeria’s trade was conducted via maritime transport. Exports transported by sea accounted for N19.25 trillion, or 99.14% of total exports.

Air transport played a minimal role in the export sector, contributing N73.72 billion or 0.38%, while road transport accounted for N30.72 billion or 0.16% of exports. Other transport methods, including pipelines, contributed N63.28 billion or 0.33%.

On the import side, maritime transport also dominated, accounting for N11.84 trillion or 94.94% of total imports. Air transport contributed N531.38 billion (4.66%), while road transport accounted for only N49.97 billion (0.40%) of imports.

The heavy reliance on maritime transport highlights the importance of Nigeria’s seaports in facilitating international trade.