By Ayo Kehinde
The National Bureau of Statistics has unveiled its foreign Trade in Goods Statistics Report for the first quarter of the year 2023, saying that Nigeria recorded N927.16 billion trade surplus between January and March.
The Bureau noted in the report that, while total exports stood at N6.49 trillion and imports at N5.56 trillion, overall total trade stood at N12.05 trillion in the same period.
This, according to the bureau is higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2021.
It also said that total imports increased by 3.67 percent in Q1 2023 compared to the value recorded in Q4 2022 at N5,362.83 billion.
“Total imports, however, fell by 25.83 percent when compared to the value recorded in Q1 2022 at N7,495.67 billion”, it said.
The NBS said re-exports value in the quarter under review stood at N32.17 billion representing 0.50 percent of total exports; adding the top five re-export destinations were Cameroon, Ghana, Equatorial Guinea, the United Kingdom, and Liberia.
It said the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion.
“This was followed by light vessels, fire floats, floating cranes, and other vessels valued at N4.71 billion.
“Followed by this were other instruments and appliances for surveying amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion”, the report added.
The report also noted that the top five export destinations in Q1 2023 were the Netherlands accounting for 12.91 percent, followed by the U.S. at 8.93 percent.
“This is followed by Spain at 7.53 percent, France at 7.51 percent, and India at 7.04 percent of total exports. Altogether, exports to the top five countries amounted to 43.92 percent of the total value of exports”, the NBS said.
It said the commodity with the largest export values in Q1 2023 was Petroleum oils and oils obtained from bituminous minerals, crude at N5,148.58 billion representing 79.37 percent.
This, the bureau said, is followed by ‘Natural gas, “liquefied’ at N622.36 billion accounting for 9.59 percent, and ‘Urea, whether or not in aqueous solution’ at N146.79 billion or 2.26 percent of total exports.”
In terms of Imports, the report said in Q1 2023, China, The Netherlands, Belgium, India, and the USA were the top five countries of origin of imports to Nigeria.
It said the value of imports from the top five countries amounted to N3,101.42 billion representing a share of 55.78 percent of the total value of imports.
The commodities with the largest values of imported products were “Motor Spirit Ordinary at N1,492.28 billion, Gas Oil at N472.40 billion and Durum Wheat (not in seeds) at N249.22 billion.”
