Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion, as total exports increased by 60.78% compared to the second quarter of 2023, the National Bureau of Statistics has said.
Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion in the third quarter of this year, a report titled by the NBS indicated.
“Total exports increased by 60.78%
compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion),” the report showed.
Also, petroleum oils formed the largest export value in the third quarter of 2023, the report said.
“Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦8,535.61 billion representing 82.50% this was followed by ‘Natural gas, liquefied’ with ₦1,016.45 billion accounting for 9.82%, and ‘Urea, whether or not in aqueous solution’ with ₦109.68 billion or 1.06% of total
exports.”
Imports
Similarly, total imports
increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022
(₦6,343.53 billion) the repot added.
According to the NBS, the significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.
Meanwhile, data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for
imports to Nigeria were:
- China (₦1,973.34 billion or 23.33%)
- Belgium with ₦996.65 billion or 11.78%
- India with ₦802.07 billion or 9.48%
- Malta with ₦561.37billion or 6.64%
- The United States of America with ₦502.92 billion or 5.95% of total imports.
Furthermore, the value of re-export stood at ₦35.95 billion representing 0.35% of total exports in Q3, 2023.
Top Ranked Re-Export Commodities
The top ranked re-exported commodity was ‘Parts suitable for use solely or princip Other with ₦10.19
billion, followed by ‘Vessels and other floating structures for breaking up’ valued at ₦10.04 billion.
Also, ‘Lightvessels, fire floats, floating cranes, and other vessels amounting to ₦5.77billion, including Aluminium waste and scrap valued at ₦1.50 billion, and ‘Parts of other gas turbines not
specified’ valued at ₦1.12 billion.
Top Export and Re-Export Destinations
The report further indicated that Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the
top five re-export destinations respectively.
For export, the report said analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of ₦1,274.07 billion or 12.31% of the country’s total exports.
“This was followed by India
with ₦1,015.13 billion or 9.81%, The Netherlands with ₦988.66 billion or 9.56%, Indonesia with
₦758.59 billion or 7.33%, France with ₦720.45 billion or 6.96% of total exports.
Altogether, exports
to the top five countries amounted to 45.98% of the total value of exports.
