• Thursday, February 29, 2024
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Nigeria’s total trade improved to N12.7trn in Q2

Nigeria’s total trade improved to N12.7trn in Q2

The value of Nigeria’s total trade rose marginally by 3.3 percent to N12.74 trillion in the second quarter of 2023 from N12.1 trillion in the previous quarter, according to a new Foreign Trade report on Thursday.

The report by the National Bureau of Statistics (NBS) shows that the increase was due to a marginal increase in import and export trade resulting in a positive trade balance.

“Nigeria’s total merchandise trade in Q2 rose slightly due to an increase in export and import trade resulting in an improved trade balance,” the report said.

A breakdown of the NBS report revealed that total exports amounted to N7.01 trillion, reflecting an 8.15 percent increase compared to Q1 but a 5.20 percent decline compared to the same quarter in 2022 (N7.40 trillion).

Read also: Experts urge port agencies to shift focus to trade facilitation

Similarly, total imports stood at N5.72 trillion, indicating a 2.99 percent increase compared to the first quarter of 2023 (N5.56 trillion) but a 10.37 percent decrease compared to the same quarter in 2022 (N6.39 trillion).

In terms of export destinations, the top five countries in Q2 were the Netherlands, the United States of America, Indonesia, France, and Spain, together accounting for 44.23 percent of total exports.

The leading export product was petroleum oils and oils obtained from bituminous minerals, with crude representing 79.63 percent of total exports, followed by natural gas, liquefied’ at 9.11 percent, and Urea at 1.16 percent.

Read also: Trade: Nigeria records N1.28trn surplus in Q2, 2023

In terms of imports, the top five partner countries of origin for Nigeria were China, the United States of America, Belgium, India, and The Netherlands, collectively constituting 60.05 percent of total imports.

The most significant imported products were motor spirit ordinary, used vehicles with diesel or semi-diesel engines, and gas oil.