Nigeria’s exports increase by 8.15 per cent in Q2

The country’s total exports showed some improvement in the second quarter, increasing by 8.15 per cent when compared to the amount recorded in the first quarter of 2023 (N6.49 trillion), data released by the National Bureau of Statistics (NBS).

While the figure showed a marked improvement, it is however still lower when compared to the corresponding quarter in 2022 (N7.4 trillion) declining by 5.2 per cent.

In the second quarter, Nigeria’s total trade stood at N12.74 trillion while exports stood at N7.015 trillion, accounting for 55 per cent. Total imports were valued at N5.73 trillion.

In the period, imports increased by 2.99 per cent compared to the value recorded in the first quarter of 2023 (N5.56 trillion) but declined by 10.37 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.39 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 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 valued at N41.24 billion; this was followed by mechanical propelled vessels for the transport of goods.

The top export destination in Q2, 2023 was The Netherlands with N788.85 billion or 11.24 per cent of the exports. The United States of America with N718.63 billion or 10.24 per cent, Indonesia with N550.18 billion or 7.84 per cent, France with N540.73 billion or 7.71 per cent and Spain with N504.45 billion or 7.19 per cent of total exports came next.

Exports to the top five countries amounted to 44.23 per cent of the total value of exports or 3.1 trillion. The largest export value in the second quarter of 2023 was petroleum oils obtained from bituminous minerals/crude with N5.59 trillion representing 79.63 per cent of the total exports. This was followed by natural gas/liquefied with N639.37 billion or 9.11 per cent. In terms of imports (CIF), in the second quarter of 2023, the top five trading partners were China (N1.27 trillion or 22.17 per cent). The United States of America with N921.45 billion or 16.09 per cent of the imports was second. Belgium, India and The Netherlands followed in that order. The values of imports from the top five countries accounted for N3.44 trillion representing a share of 60.05 per cent of total imports.

Commodities with the largest value of imported products were motor spirit ordinary (N1.23 trillion or 21.5 per cent), used vehicles, with diesel or semi-diesel engines of cylinder capacity greater than 2500cc followed with a share of 12.82 per cent or N733.92 billion in absolute value while gas oil (N230.83 billion or 4.03 per cent).