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

The National Bureau of Statistics (NBS) says Nigeria recorded a N2.22 trillion 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 imports 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% when compared to the amount recorded in the first quarter of 2023 (N6,487.04 billion) but declined by 5.20% compared to the corresponding quarter in 2022 (N7,400.89 billion),” the report reads.

“Likewise, in the period under review, total imports increased by 2.99% compared to the value recorded in the first quarter of 2023 (N5,559.88 billion) but declined by 10.37% 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 percent), and the United States of America attracting N718.63 billion (10.24 percent).

Indonesia followed with a share of N550.18 billion (7.84 percent), France got N540.73 billion (7.71 percent) and Spain attracted N504.45 billion (7.19 percent) of total exports.

“Altogether, exports to the top five countries amounted to 44.23% of the total value of exports,” the NBS added.

“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% this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11%, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16% of total exports.”

In terms of imports in Q2 2023, the top five partner countries of origin to Nigeria were “China N1.3 trillion billion (22.17 %), the United States of America N921.45 billion (16.09 %), Belgium N460.43 billion (8.04%), India N417.77 billion ( 7.30 %) and The Netherlands N369.69 billion (6.46 %)”.

The bureau stated that the value of imports from the top five countries amounted to N3.44 trillion representing a share of 60.05 percent of total imports.

NBS added that “the commodities with the largest values of imported products” were motor spirit ordinary (N1.23 trillion or 21.50 percent), used vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc (N733.92 billion or 12.82 percent) and gas oil (N230.83 billion or 4.03 percent).