Article summary
- A new report by the National Bureau of Statistics reveals that the value of manufactured goods imported into the country dropped by 2.11% in the first quarter of 2023.
- Nigeria’s major manufacturing export was unwrought aluminium alloys shipped to Japan and vessels sent to African countries such as Cameroon and Equatorial Guinea.
- Nigeria traded manufacturing goods most with the Asian continent followed by Europe.
- Nigeria recorded a trade surplus in the first quarter of 2023. Total exports were valued at N6.4 trillion while imports stood at N5.5 trillion.
According to a new report by the National Bureau of Statistics, the value of manufactured goods imported into the country declined by 2.11% in the first quarter of 2023.
The report titled Q1 Foreign Trade Statistics Report released by Nigeria’s statistics bureau revealed that the value of manufactured goods imported into the country stood at N2.3 trillion. This was down from the N2.4 trillion report in the preceding quarter. A further decline of 19.3% was recorded when compared to the same quarter of the preceding year 2022.
Further Analysis of Nigeria’s Manufacturing Trade for Quarter 1 2023.
The report also revealed that the total value of manufactured goods traded in the first quarter stood at N2.5 trillion. This figure represents around 20% of the total value of traded goods in the first quarter. Of this figure, exports constituted N131 billion.
Nigeria’s major manufacturing exports were unwrought aluminium alloys worth N16.28 billion whose destination was Japan. Vessels and other floating structures for breaking shipped to Cameroon and Equatorial Guinea worth N12.98 billion and N5.55 billion respectively.
Cathodes and other sections of cathodes mainly exported to Japan worth around N9.84 billion dominated the report.
Major Trade Regions for Manufactured Goods with Nigeria.
Exports by region showed that Nigeria’s exported manufactured were mainly shipped to Asia. The region received N52.22 worth of manufactured goods followed by African countries with ₦42.44 billion worth of manufactured goods. Exports to Europe were valued at ₦24.78 billion.
On the other hand, the value of manufactured goods imported into the country stood at N2.3 trillion in the first quarter of 2023.
These goods mainly comprise ‘Used Vehicles, with diesel or semidiesel engines, of cylinder capacity from the United States and Canada valued at ₦59.53 billion, and ₦1.31 billion, respectively. Filters worth ₦41.05 billion and machines for reception, conversion and transmission of voice, images or data valued at N28.87 billion were imported from China.
Nigeria also imported motorcycles and cycles fitted with an auxiliary motor and petrol fuel worth ₦ 24.12 billion from China.
General Overview of the Report.
A general overview of the trade report shows Nigeria’s total trade for the first quarter of 2023 stood at around N12 trillion of which exports was exports were N6.4 trillion and imports around N5.5 trillion. This means the country witnessed a trade surplus in the first quarter.
Top export destinations were the Netherlands constituting 12.9%, the United States with 8.9% and Spain with 7.5%. Others include France and India.
Nigeria imported goods mainly from China, the Netherlands, Belgium, India and the United States.
