Nigeria recorded N931.1billion surplus in Q1- NBS

Nigeria recorded N931.1billion surplus trade in the First Quarter of the year, according to the National Bureau of Statistics (NBS).

Its document entitled: “Foreign Trade in Goods Statistics (Q1 2023),” which The Nation obtained yesterday, stated in the period under review, the country’s total trade was N12.046.92 trillion.

The report also noted that total exports was N6.487.04 trillion, total imports was N5.559.88trillion.

“In the first quarter of 2023, Nigeria’s total trade stood at N12.046.92 trillion of which total exports stood at N6.487.04 trillion and total imports amounted to N5.559.88 trillion,” said the Bureau.

It added that total exports increased in the first quarter by two per cent, but declined by 8.66 per cent when compared to the amount recorded in the fourth quarter of 2022 (N6.359.61trillion) and the corresponding quarter in 2022 (N7.102.11 trillion).

NBS noted, in the same vein, total imports increased by 3.67 per cent in the first quarter of the year compared to the value recorded in the fourth quarter of 2022 (N5.362.83 trillion), but then, again, declined by 25.83 per cent when compared to the value recorded in the corresponding quarter of last year (N7,495.67 trillion).

The report also said the value of Re-exports in the quarter under review stood at N32.17 billion representing 0.50per cent of total exports.

NBS noted that data available shows that the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while 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 not specified in 8905’ valued at N4.71 billion, ‘Other instruments and appliances for Surveying not specified in 9015’ amounting to N0.93 billion and Parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85billion.

According to the report, the top five export destinations in the first quarter of 2023 were the Netherlands with N837.65 billion or 12.91per cent, the United States of America with N579.35 billion or 8.93per cent, Spain with N488.17 billion or 7.53per cent, France with N487.34 billion or 7.51per cent and India with N456.69 billion or 7.04per cent of total exports.

NBS said altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports. ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,148.58 billion representing 79.37 per cent remains the commodity with the largest export values in the period under review, followed by ‘Natural gas, liquefied’ with N622.36 billion accounting for 9.59 per cent, and ‘Urea, whether or not in aqueous solution’ with N146.79 billion or 2.26 per cent of total exports.