Nigeria has reported a trade surplus of N1.89 trillion in the third quarter of 2023, surpassing the N1.25 trillion recorded in the preceding quarter. The latest Foreign Trade in Goods Statistics report by the National Bureau of Statistics indicates a substantial increase in total trade, which reached N18.8 trillion in Q3 2023, compared to N12.74 trillion in Q2 2023.
During the third quarter, total exports amounted to N10.35 trillion, while total imports stood at N8.46 trillion. This surge in trade activities is attributed to a rise in economic engagements during Q3 2023.
The report highlights that total exports saw a remarkable increase of 60.78% compared to the preceding quarter and a substantial 74.36% growth compared to the corresponding quarter in 2022. Similarly, total imports experienced a surge of 47.70% compared to Q2 2023 and 33.33% compared to Q3 2022.
Spain has emerged as Nigeria’s top export trading partner in Q3 2023, displacing the Netherlands from the leading position observed in Q2 2023. Spain accounted for N1.27 trillion in exported goods, followed by India and the Netherlands in second and third positions, respectively.
The top five export destinations for Nigeria in Q3 2023 were Spain, India, the Netherlands, Indonesia, and France, collectively representing 45.98% of the total export value.
The most exported product during this period was petroleum oils and oils obtained from bituminous minerals and crude oil, constituting 82.5% of the country’s total exports at N8.54 trillion. Other notable exports included ‘Natural gas, liquefied’ at N1.02 trillion and ‘Urea, whether or not in aqueous solution’ at N109.68 billion.
Notably, Nigeria’s demand for Chinese goods has remained steadfast, with China maintaining its position as the top import trading partner. Imports from China were valued at N1.97 trillion, representing approximately 23.33% of the country’s total imports.
The top five countries of origin for Nigeria’s imports in Q3 2023 were China, Belgium, India, Malta, and the United States of America, accounting for 57.18% of the total import value.
The most imported products during this period were ‘Motor Spirit Ordinary’ (N1.92 trillion or 22.71% of total imports), ‘Gas oil’ (N736.66 billion or 8.71%), and ‘Durum wheat (not in seeds)’ with a value of N331.76 billion or 3.92% of total imports.
