New Telegraph

NBS: Nigeria Recorded N2.2trn Trade Surplus In First Half Of 2023

The National Bureau of Statistics (NBS) has said Nigeria recorded a N2.22 tril- lion trade surplus between January and June of 2023. The bureau stated this in its recent foreign trade report for the second quarter (Q2) of 2023. In the first half of the year, according to the bureau, Nigeria’s exports totalled N13.5 trillion and total imports stood at N11.3 trillion — which gives a trade surplus of N2.22 trillion.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports. On foreign trade for Q1 2023, the NBS said total exports were N6.49 trillion, and import value was N5.56 trillion. The nation’s total trade was N12.05 trillion in Q1 — higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022. In Q2 2023, the country’s entire trade stood at N12.7 trillion.

This is 5.3 percent higher than the value recorded in the previous quarter, with total exports at N7.02 trillion and imports amounting to N5.73 trillion. “Total exports increased by 8.15 percent when compared to the amount recorded in the first quarter of 2023 (N6,487.04 billion), but declined by 5.20 per cent compared to the corresponding quarter in 2022 (N7,400.89 billion),” the report read.

“Likewise, in the period under review, total imports increased by 2.99 per cent compared to the value recorded in the first quarter of 2023 (N5,559.88 billion), but declined by 10.37 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6,388.51 billion).”

The NBS said the balance of trade in Q2 2023 was N1.29 trillion. A breakdown of the agency’s report shows that the top five export destinations in Q2, 2023 were the Netherlands with N788.85 billion (11.24 per cent), and the United States of America attracting N718.63 billion (10.24 per cent).

Indonesia followed with a share of N550.18 billion (7.84 per cent), France got N540.73 billion (7.71 per cent), and Spain attracted N504.45 billion (7.19 per cent) of total exports. “Altogether, exports to the top five countries amounted to 44.23 per cent of the total value of exports.

“The largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63 per cent; this was followed by ‘Natural gas, liquefied’ with N639.37 billion, accounting for 9.11 per cent, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16 per cent of total exports.”

In terms of imports in Q2 2023, the top five partner countries of origin to Nigeria were: “China, N1.3 trillion (22.17 per cent); the United States of America, N921.45 billion (16.09per cent); Belgium, N460.43 billion (8.04 per cent); India, N417.77 billion (7.30 per cent) and The Netherlands, N369.69 billion (6.46per cent).” The bureau stated that the value of imports from the top five countries amounted to N3.44 trillion, representing a share of 60.05 per cent of total imports.

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