A recent Foreign Trade report by the National Bureau of Statistics (NBS) has revealed that the value of Nigeria’s total trade surged to N71.88 trillion in 2023, marking a substantial increase of 37.2% from N52.38 trillion in the previous year (2022).
The report highlighted the growth in exports and imports, with exports slightly exceeding imports.
For 2023, exports grew marginally to N35.96 trillion, while imports stood at N35.92 trillion.
The quarter-on-quarter analysis indicates a significant increase in total exports by 22.68% from N10.35 trillion in Q3 2023.
Moreover, total imports rose by 56.04% compared to the value recorded in the third quarter of 2023, reaching N9.041 trillion.
A detailed analysis of re-exports shows the top five re-export destinations: Malaysia, Cameroun, Italy, Ghana, and the Netherlands.
The most re-exported commodity includes ‘Vessels and other floating structures for breaking up’ valued at N13.67 billion, followed by various machinery and equipment.
Breaking down the fourth-quarter trade partners, the top five export destinations in Q4 2023 were the Netherlands, India, Spain, Canada, and France.
Petroleum oils, natural gas, and urea were among the largest exported products during this period.
The top five trading partners for imports included Singapore, China, Belgium, India, and the United States of America. Singapore accounted for a significant share of imports, amounting to N5.09 trillion.
The overall trade data for the fourth quarter of 2023 shows that Nigeria’s total trade stood at N26.8 trillion, with exports totalling N12.69 trillion and imports at N14.11 trillion.
The report also emphasized the growth in Nigeria’s trade activities, reflecting the country’s economic dynamics and international trade relations.