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Nigeria’s total trade rises to N72trn in 2023

Nigeria’s total trade rises to N72trn in 2023

The value of Nigeria’s total trade rose to N71.88 trillion in 2023, a 37.2 percent from N52.38 trillion in 2022, according to a new Foreign Trade report on Thursday.

The National Bureau of Statistics (NBS) report shows exports grew marginally to N35.96 trillion, while imports stood at N35.92 trillion.

Quarter-on-quarter, total exports increased by 22.68 percent from N10.35 trillion in Q3 2023 and surged by 99.60 percent compared to the same period in 2022, which recorded N6.36 trillion.

Read also: Five ways to improve Nigeria’s trade balance

However, total imports increased by 56.04 percent compared to the value recorded in the third quarter of 2023 N9.041 trillion and by 163.08 percent compared to N5.36 trillion recorded in the corresponding quarter of 2022

Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands and the most re-exported commodity was ‘Vessels and other floating structures for breaking up with N13.67 billion, ‘this was followed by Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at N6.76 billion, ‘Other machinery of heading 84.30, not self-propelled’ amounting to N6.26 billion, Tugs and pusher craft. valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at N2.42 billion.

Further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with N1.91 trillion or 15.05 percent, India with N1.10 trillion or 8.68 percent, Spain with N1.03 trillion or 8.11 percent, Canada with N907.64 billion or 7.15 percent, France with N799.77 billion or 6.30 percent of total exports.

Read also:Nigeria’s trade deficit hit N1.94 trn in 2021

The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10.31 trillion representing 81.23 percent, this was followed by ‘Natural gas,’ with N1.02 trillion accounting for 8.0percent, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 percent of total exports.

In terms of Imports, the top five trading partners were Singapore with goods valued at N5.09 trillion or 36.09 percent, China with N2.06 trillion or 14.61 percent, Belgium with N1.14 trillion or 8.09 percent, India with N908.59 billion or 6.44 percent and The United States of America with goods valued at N512.99 billion or 3.64 percent.

In the fourth quarter of 2023, Nigeria’s total trade stood at N26.8 trillion from N18.80 trillion in the third quarter of 2023, with imports increasing over export in the fourth quarter with exports totalling N12.69 trillion and imports at N14.11 trillion.

“Exports were valued at N12.69 trillion while imports amounted to N14.11 trillion,” the report said.