In the second quarter of 2023, Nigeria recorded a foreign trade surplus of N1.3 trillion total trade, reaching an impressive N12.74 trillion.
This encompassed total exports amounting to N7.01trillion and total imports totalling N5.76trillion.
Exports Show Resilience and a Slight Dip
Total exports displayed resilience by registering an 8.15% increase compared to the first quarter of 2023 when it stood at N6.48 trillion.
However, compared to the corresponding quarter in 2022, exports declined by 5.20% from N7.4 trillion. The quarterly report reveals that the value of re-exports amounted to N91.44 billion, constituting 1.30% of total exports.
The top destinations for re-exports included Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands.
Notably, the leading re-exported commodity was ‘Other turbines for marine propulsion,’ valued at N41.24 billion, followed by ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901,’ which amounted to N10.96 billion.
Top Export Destinations
The Netherlands emerged as the top export destination, accounting for N788.85 billion (11.24%) of total exports in Q2 2023.
It was closely followed by the United States of America (N718.63 billion or 10.24%), Indonesia (N550.18 billion or 7.84%), France (N540.73 billion or 7.71%), and Spain (N504.45 billion or 7.19%).
Collectively, these five countries represented 44.23% of the total export value. The leading export category in Q2 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude,’ amounting to N5,586.29 billion (79.63% of total exports).
It was followed by ‘Natural gas, liquefied,’ which contributed N639.37 billion (9.11%), and ‘Urea, whether or not in aqueous solution,’ with N81.21 billion (1.16%).
Top Import Origins
In terms of imports, the second quarter of 2023 saw China as the primary partner country, accounting for N1.269 trillion (22.17%) of Nigeria’s imports.
The United States of America followed closely with N921.45 billion (16.09%), followed by Belgium (N460.43 billion or 8.04%), India (N417.77 billion or 7.30%), and The Netherlands (N369.69 billion or 6.46%).
Together, these top five countries represented a significant share of 60.05% of total imports, which amounted to N3.438 trillion.
The top imported commodities included ‘Motor Spirit Ordinary’ (N1,230.95 billion or 21.50%), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (N733.92 billion or 12.82%), and ‘Gas oil’ (N230.83 billion or 4.03%).
More Insights
Data from the National Bureau of Statistics shows for the first half of 2023, Nigeria’s total foreign trade stood at N24.8 trillion.
Of this figure, total imports stood at N11.3 trillion while exports were N13.5 trillion. This translates to a foreign trade surplus of N2.2 trillion for the first half of the year.