Nigeria Achieves N1.3 Trillion Trade Surplus in Q2 2023

According to the National Bureau of Statistics (NBS), Nigeria’s foreign trade reached N24.8 trillion in the first six months of 2023, with exports exceeding imports by N2.2 trillion.

The trade surplus increased to N1.3 trillion in the second quarter of 2023, as the total trade value rose to N12.74 trillion.

Exports grew by 8.15% from the first quarter of 2023 to N7.01 trillion, while imports amounted to N5.76 trillion.

However, exports were still lower than the same period in 2022, when they stood at N7.4 trillion. The report shows that re-exports, which are goods that are imported and then exported without significant transformation, accounted for 1.30% of total exports, or N91.44 billion.

The main destinations for re-exports were Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands. The most re-exported item was ‘Other turbines for marine propulsion,’ worth N41.24 billion, followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage not specified in 8901,’ worth N10.96 billion.

The Netherlands was the top export partner for Nigeria, buying N788.85 billion (11.24%) of its total exports in Q2 2023.

Other major export markets were 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%). Together, these five countries made up 44.23% of the total export value. The dominant export product in Q2 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude,’ which represented 79.63% of total exports, or N5,586.29 billion.

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%).

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%).