• Monday, July 22, 2024
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BusinessDay

Chart shows Nigeria’s top 10 export destination in Q1 2024

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France leads the list of Nigeria’s export destinations for the first three months of 2024 ahead of China and the USA, data from the National Bureau of Statistics have shown.

According to the statistics bureau, Nigeria recorded an N6.52 trillion trade surplus in the first quarter of 2024 which indicates a surplus showing that Nigeria’s exports significantly outpaced imports during this period.

The data shows that exports totalled N19.17 trillion, while imports came in at N12.64 trillion.

Nigeria’s export performance highlights the country’s growing presence in the global trade arena.

Crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans were the most exported items during the period under review, NBS said.

Analysts said China, USA and India’s drop as Nigeria’s top export destination of its products, especially for crude oil show that the countries are sourcing oil at a cheaper rate somewhere else and/or moving to other cleaner sources of energy.

Here are the top 10 export destinations:

1. France

Data from the NBS reveal that N2.13 trillion worth of goods were exported to France, making the country Nigeria’s leading export partner.

The country’s trade volume was primarily driven by crude oil exports, valued at N1.86 trillion, which accounted for 88 per cent of the total exports from Nigeria.

The data also shows that non-crude oil exports stood at N261.19 billion, representing 12 per cent of the total exports from Nigeria.

2. Spain

Moving closely behind France is Spain with a total export value of N2.02 trillion with crude oil being the dominant export commodity to the country, valued at N1.72 trillion and accounting for 85 percent of the total exports.

Non-crude oil exports to the southwestern European nation stood at N302.11 billion, representing 15 per cent of the total.

3. Netherlands

The Netherlands clinches third position with a total export value of N1.70 trillion, according to the NBS data.

Again, the data bureau said crude oil was the dominant export, valued at N1.50 trillion, which is 88 per cent of the total.

Non-crude oil exports for the country reached N196.64 billion — a 12 per cent share in the trade relationship.

4. India

Nigeria’s exports to India stood at N1.61 trillion in the period under review, the data said.

Crude oil was also the dominant commodity traded, accounting for a significant 67 per cent (N1.30 trillion) of the total exports.

Non-crude oil exports stood at N306.5 billion, representing 15 per cent.

5. The United States

The United States claims the fifth position with a total of N1.31 trillion worth of exported goods.

Crude oil remains a major driver of this trade relationship, with exports valued at N1.21 trillion, accounting for 92 per cent of the total.

Non-crude oil exports stood at N102.96 billion, representing eight per cent of the total.

6. Indonesia

The country’s total export value from Nigeria stood at N1.15 trillion.
Crude oil recorded N1.10 trillion exports and non-crude oil stood at N41.57 billion.

7. Canada

Nigeria exported N1.11 trillion worth of goods to Canada in Q1, with crude oil exports dominating at N1.1 trillion.

8. South Africa

Nigeria’s exports to South Africa were valued at N957.06 billion with crude oil accounting for 99.6 percent (N953.51 billion) of the total exports.
South Africa was Nigeria’s leading export trade partner in Africa in Q1.

9. Italy

Italy imported N904.27 billion worth of goods from Nigeria in the first quarter.
Crude oil exports stood at N875.94 billion and non-crude oil exports stood at N28.3 billion.

9. Ivory Coast
Nigeria’s total exports to Ivory Coast were valued at N744.5 billion.

Similarly, crude oil exports gulped 96.4 per cent of the total exports at N717.49 billion; non-crude oil exports amounted to N27.09 billion.

Ivory Coast ranked second on Nigeria’s list of African export destinations in the review period.