Adedapo Adesanya
By Adedapo Adesanya
Nigeria’s total merchandise trade in the second quarter of 2023 rose slightly due to an increase in exports and imports, resulting in an improved trade balance amid headwinds.
According to the National Bureau of Statistics (NBS), in the review period, the country’s total trade stood at N12.74 trillion, 5.8 per cent higher than the value recorded in Q1 2023, but 7.6 per cent lower than the value recorded in Q2 2022.
This is as total exports stood at N7.02 trillion while total imports amounted to N5.72 trillion, amounting to a positive trade balance of N1.3 trillion.
In the report titled Foreign Trade in Goods Statistics Q2 2023, total exports increased by 8.2 per cent when compared to the amount recorded in the first quarter of 2023 (N6.49 trillion) but declined by 5.2 per cent compared to the corresponding quarter in 2022 (N7.4 trillion).
Likewise, in the period under review, total imports increased by 2.9 per cent compared to the value recorded in the first quarter of 2023 (N5.6 trillion) but declined by 10.4 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.4 trillion).
The value of re-exports in the quarter under review stood at N91.44 billion representing 1.3 per cent of total exports.
Data available shows that the top five re-export destinations were Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands.
The most re-exported commodity was ‘Other turbines for marine propulsion with N41.24 billion, this was followed by ‘Mechanical propelled vessels for the transport of goods, gross tonnage not specified in 8901’ valued at N10.96 billion, ‘Other gas turbines not specified of a power exceeding 5,000 kW’ amounted to N6.66 billion, Other article of heading 87.84 not specified valued at N4.77 billion, and mechanically propelled vessels for the transport of goods, gross tonnage=< 500 tonnes’ valued at N4.22 billion.
The top five export destinations in Q2, 2023 were The Netherlands with N788.85 billion or 11.2 per cent, the United States of America with N718.63 billion or 10.2 per cent, Indonesia with N550.18 billion or 7.8 per cent, France with N540.73 billion or 7.7 per cent and Spain with N504.45 billion or 7.2 per cent of total exports.
Altogether, exports to the top five countries amounted to 44.23 per cent of the total value of exports. The largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5.6 trillion representing 79.6 per cent this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.1 per cent, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.2 per cent of total exports.
In terms of Imports (CIF), in the second quarter of 2023, the top five partner countries origin of imports to Nigeria were China (N1.3 trillion or 22.2 per cent), the US (N921.45 billion or 16.1 per cent), Belgium (N460.43 billion or 8.0 per cent), India (N417.77 billion or 7.3 per cent) and The Netherlands (N369.69 billion or 6.5 per cent).
The values of imports from the top five countries amounted to N3.4 trillion representing a share of 60.1 per cent of total imports. While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1.2 trillion or 21.5 per cent), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (N733.92 billion or 12.8 per cent and ‘Gas oil’ (N230.83 billion or 4.0 per cent.
