• Wednesday, April 24, 2024
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BusinessDay

Five Nigeria’s top export trading partners in 2023

Rising cost push manufacturing exports down 62% in 4 years

In 2023, the total value of exports from Nigeria stood at over N12,693.62 billion at the end of the fourth quarter of 2023, representing an increase of 22.68 percent above the level recorded in quarter three of 2023 and by 99.60 percent when compared to the value recorded in quarter four of 2022.

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The National Bureau of Statistics (NBS) stated that Nigeria exported mainly ‘mineral products’ which amounted to N11,665.07 billion, or 91.90 percent of the total export; followed by vegetable products worth N266.38 billion representing 2.10 percent, and ‘Products of the chemical and allied industries’, valued at N266.32 billion representing 2.10 percent of the value of total exports.

NBS in its Foreign Trade in Goods Statistics (Q4 2023) said that exports trade by region shows that Nigeria exported goods mainly to Europe valued at N5,958.24 billion equaling 46.94 percent of total exports, followed by exports to Asia valued at N3,272.67 billion or 25.78 percent of total exports, exports to America was valued at N2,120.75 billion, 16.71 percent of total exports while export to other African countries stood at N1,260.94 billion which is 9.93 percent of the total exports of N686.76 billion worth of goods were exported to ECOWAS member states.

During the period under review, Nigeria had five biggest export trade partners and they are countries that imported goods from Nigeria. They include:

Netherlands

The Netherlands is Nigeria’s biggest export trading partner in 2023. It ranked highest among Nigeria’s export destinations with N1,910.47 billion, representing 15.05 percent, according to an analysis of Nigeria’s export trade.

India

India is Nigeria’s second-largest export trading partners in 2023. India imported goods worth N1,101.47 billion which represents 8.68 percent of the total export goods.

Spain

Spain emerged as Nigeria’s third-largest export trading partner within the period under review. Spain imported goods worth N1,030.09 billion from Nigeria which represents 8.11 percent of the total exports.

Canada

Canada emerged as Nigeria’s fourth-largest export trading partner within the period under review. Canada imported goods worth N907.64 billion representing 7.15 percent of the total exports.

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France

France, on the other hand, emerged as Nigeria’s fifth-largest export trading partner in 2023. France imported goods worth N799.77 billion from Nigeria representing 6.30 percent of the total exports.

Exports to these top five destinations accounted for 45.29 percent of the value of the total exports in quarter four of 2023, according to NBS.