Nigeria Records N1.3trn Trade Surplus in Q2’23

Nigeria recorded a N1.3 trillion trade surplus in the second quarter of 2023 (Q2’23), representing a 38 percent rise when compared to N927.15 billion in Q1’23. However, Year-on-Year, YoY, the trade position was a 7.6 percent decline from the figures in the corresponding period of 2022.

This comes against the backdrop of increases recorded in total imports and exports during the period.

The National Bureau of Statistics, NBS, disclosed this Thursday, in its Foreign Trade in Goods Statistics for Q1’23, adding that the total merchandise trade also increased QoQ by 5.7 percent to N12.7 trillion in Q2’23 from N12.04 trillion in Q1’23.

NBS report stated: “Nigeria’s total merchandise trade stood at N12.74 trillion in Q2’23, indicating an increase of 5.7 percent over the value recorded in Q1’23, but it declined by 7.6 percent when compared to the value recorded in Q2’22.

“The disaggregation of total trade into exports and imports shows that total exports stood at N7.02 trillion showing an increase of 8.15% over the value recorded in the preceding quarter and a decrease of 5.2 percent over the corresponding period in the preceding year.

“In addition, the data reveals that the share of exports in total trade stood at 55.06 percent in Q2’23.

“Exports trade in Q2′ 23 was dominated by crude oil exports valued at N5.58 trillion which accounted for 79.63 percent of total exports, while non-crude oil exports value stood at N1.43 trillion or 20.37 percent of total exports of which non-oil products contributed N688.68 billion representing 9.82 percent of total exports.

“On the other hand, total imports stood at N5.72 trillion in Q2′ 23, indicating an increase of 2.9 percent over the value recorded in the preceding quarter. The value of imports in the quarter under review fell by 10.37 percent compared to the value recorded in the corresponding period of 2022.

“Imports trade share of total trade in Q2’23 accounted for 44.94 percent of total trade, bringing the trade balance to N1.28 trillion.”

According to the Bureau, the top five partner countries origin of imports to Nigeria were China (N1.26 trillion or 22.17 percent), the United States of America (N921.45 billion or 16.09 percent), Belgium (N460.43 billion or 8.04 percent), India (N417.77 billion or 7.3 percent) and The Netherlands (N369.69 billion or 6.46 percent).