The National Bureau of Statistics (NBS) has released a report on Nigeria's foreign trade for the third quarter (Q3) of 2023, stating that the country recorded a trade surplus of N3.5 trillion between January and September 2023. This surplus indicates a positive trade balance, where the exports of a nation outweigh its imports.
Foreign Trade Statistics for Q1 2023
In Q1 2023, the total exports were N6.49 trillion, and the import value was N5.56 trillion. The nation's total trade was N12.05 trillion for the quarter, which is higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.
Foreign Trade Statistics for Q2 2023
In Q2 2023, the country's total trade stood at N12.16 trillion, with total exports at N6.44 trillion and imports amounting to N5.73 trillion.
Foreign Trade Statistics for Q3 2023
In Q3 2023, the total trade stood at N18.80 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion, respectively. The report shows that total exports increased by 60.78% compared to the amount recorded in Q2 of 2023. Additionally, total imports increased by 47.70% to the value recorded in Q2 of 2023.
Spain Emerges as Nigeria's Top Export Destination in Q3
Spain is Nigeria's top export destination in Q3 2023, accounting for 12.31 percent of total exports, valued at N1.27 trillion. This was followed by India, the Netherlands, Indonesia, and France, collectively accounting for 45.98 percent of Nigeria's total exports. Although Nigeria's export destinations have diversified, petroleum oils and oils obtained from bituminous minerals, crude, remained the primary export product, accounting for 82.50 percent (N8.54 trillion) of total exports.
China Maintains Position as Nigeria's Top Import Partner in Q3
In Q3 2023, China maintained its position as Nigeria's top import partner, accounting for 23.33 percent of total imports. The top five partner countries of origin for imports to Nigeria were China, Belgium, India, Malta, and the United States of America, which together accounted for 57.18% of total imports. The commodities with the largest values of imported products were 'Motor Spirit Ordinary,' gas oil, and durum wheat (not in seeds).
