National Bureau of Statistics Releases Q4 2023 Foreign Trade Statistics

During the weekend, the National Bureau of Statistics announced that Nigeria recorded an N1.4 trillion trade deficit for Q4 2023.

According to the released document titled "Foreign Trade in Goods Q4 2023," the country's total trade hit N26.8 trillion in the period under review.

The report stated that while Nigeria imported goods worth N14.1 trillion, it exported N12.6 trillion.

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The NBS stated, "In the fourth quarter of 2023, Nigeria's total trade stood at N26.801.95 trillion. Exports were valued at N12.693.62 trillion, while imports amounted to N14,108.33 trillion."

The document reported that total trade was N71.880.01 trillion yearly, of which imports amounted to N35.917.62 trillion, and exports were recorded at N35.962.39 trillion.

NBS said total exports in the quarter under review increased by 22.68% compared to the third quarter of last year (N10.346.60 trillion) and by 99.60% compared to the corresponding quarter in 2022 (N6.359.61 trillion).

The document noted that in the same vein, total imports increased by 56.04% compared to the value recorded in the third quarter of last year (N9.041.24 trillion) and by 163.08% when compared to the value recorded in the corresponding quarter of 2022 (N5.362.83 trillion).

NBS further noted that the re-exports value stood at N50.91 billion, representing 0.40% of total exports. The NBS explained that a detailed re-export analysis reveals that Malaysia, Cameroun, Italy, Ghana, and the Netherlands were the top five re-export destinations. The most re-exported commodity was 'Vessels and other floating structures for breaking up with N13.67 billion; "this was followed by mechanically propelled vessels for transporting goods, with a gross tonnage of 500 tonnes' valued at N6.76 billion.

See the full document here.

Other machinery of heading 84.30, not self-propelled, amounts to N6.26 billion; tugs and pusher crafts are valued at N4.54 billion, and 'Artificial filament tow of cellulose acetate' is valued at N2.42 billion.

The report said further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with N1.910.47 trillion or 15.05%, India with N1.101.47 trillion or 8.68%, Spain with N1,030.09 trillion or 8.11%, Canada with N907.64 billion or 7.15%, France with N799.77 billion or 6.30%, of total exports.

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NBS added, "Altogether, exports to the top five countries amounted to 45.29% of the total value of exports. The largest exported product in the fourth quarter of 2023 was 'Petroleum oils and oils obtained from bituminous minerals, crude' valued at N10.310.70 trillion, representing 81.23%; this was followed by 'Natural gas,' with N1.015.84 trillion accounting for 8.00%, and 'Urea, whether or not in aqueous solution' with N251.90 billion or 1.98% of total exports.

"In terms of Imports (CIF), the top five trading partners were Singapore with goods valued at N5.092.36 trillion or 36.09%, China with N2.060.59 trillion or 14.61%, Belgium with N1.140.97 trillion or 8.09%, India with N908.59 billion or 6.44% and The United States of America with goods valued at N512.99 billion or 3.64%. The values of imports from the top five countries amounted to N9.715.50 trillion."