Abuja, Dec. 5, 2023: The National Bureau of Statistics (NBS) says Nigeria’s total merchandise trade stood at N18,804.29 billion in the third quarter of 2023.
This is according to the NBS Foreign Trade in Goods Statistics Report for Q3 2023 released in Abuja on Monday.
The NBS said total exports stood at N10,346.60 billion while total imports stood at N8,457.68 billion.
The report said total exports increased by 60.78 per cent compared to the amount recorded in the second quarter of 2023 at N6,435.13 billion.
“Also total exports in Q3 2023 increased by 74.36 per cent when compared to Q3 of 2022 which was recorded at N5,934.15 billion.”
Similarly, it said total imports increased by 47.70 per cent compared to the value recorded in the second quarter of 2023 at N5,726.25 billion.
“Total imports also increase by 33.33 per cent when compared to the value recorded in Q3 2022 at N6,343.53 billion.”
The NBS said the significant rise in exports and imports in Q3 2023 compared to Q2 2023 and Q3 2022 was largely driven by an increase in trade activities within the period, resulting in a positive trade balance.
The report said the value of re-export stood at N35.95 billion, representing 0.35 per cent of total exports in Q3 2023.
It said the top ranked re-exported commodity was ‘Parts suitable for use solely or princip Other’ at N10.19 billion, followed by ‘Vessels and other floating structures for breaking up’ valued at N10.04 billion.
“This was followed by ‘Light vessels, fire floats, floating cranes, and other vessels not specified in 8905’ at ₦5.77 billion, followed by Aluminium waste and scrap valued at N1.50 billion.
“Followed by this was ‘Parts of other gas turbines not specified’ valued at N1.12 billion.”
The report said the top five re-export destinations were Ivory Coast, Gabon, Ghana, Cameroon, and South Korea.
The report said the top five export destinations in Q3 2023 were Spain, India, The Netherlands, Indonesia, and France, accounting for 12.31 per cent, 9.81 per cent, 9.56 per cent, 7.33 per cent, and 6.96 per cent, respectively, of total exports.
“Altogether, exports to the top five countries amounted to 45.98 per cent of the total value of exports. ”
It said the commodity with the largest export values in Q3 2023 was ‘‘Petroleum oils and oils obtained from bituminous minerals, crude’ at N8,535.61 billion representing 82.50 per cent.
“This was followed by ‘Natural gas, liquefied’ at N1,016.45 billion accounting for 9.82 per cent, and ‘Urea, whether or not in aqueous solution’ at N109.68 billion or 1.06 per cent of total exports.”
In terms of imports, the report said in Q3 2023, China, Belgium, India, Malta and the USA were the top five countries of origin of imports to Nigeria.
It said the values of imports from the top five countries amounted to N4,836.36 billion representing a share of 57.18 per cent of the total value of imports.
“The commodities with the largest values of imported products were Motor Spirit Ordinary at N1,921.03 billion, Gas Oil at N736.66 billion, and Durum Wheat (not in seeds) at N331.76 billion.
