According to a recent report released by the National Bureau of Statistics (NBS), Nigeria experienced a trade deficit of N1.4 trillion in the fourth quarter of 2023.
The report, titled “Foreign Trade in Goods Q4 2023,” highlights the country’s total trade volume at N26.8 trillion during the period under review. The document reveals that Nigeria imported goods worth N14.1 trillion while exporting goods valued at N12.6 trillion. On an annual basis, total trade for the year amounted to N71.88 trillion, with imports totaling N35.92 trillion and exports recorded at N35.96 trillion.
There was also a significant increase in total exports by 22.68% compared to the third quarter of 2023 (N10.35 trillion) and a remarkable 99.60% increase compared to the corresponding quarter in 2022 (N6.36 trillion).
Similarly, total imports surged by 56.04% compared to the previous quarter (N9.04 trillion) and by 163.08% compared to the same quarter in 2022 (N5.36 trillion).
The value of re-exports were pegged at N50.91 billion, representing 0.40% of total exports. The top five re-export destinations were identified as Malaysia, Cameroon, Italy, Ghana, and the Netherlands, with the most re-exported commodity being ‘Vessels and other floating structures for breaking up,’ valued at N13.67 billion.
In terms of export destinations, the Netherlands emerged as the top partner with N1.91 trillion or 15.05% of total exports, followed by India, Spain, Canada, and France. These top five countries accounted for 45.29% of Nigeria’s total exports.
The largest exported product in Q4 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude,’ representing 81.23% of total exports.
On the import front, Singapore emerged as the leading trading partner with goods valued at N5.09 trillion, followed by China, Belgium, India, and the United States of America. Imports from these top five countries amounted to N9.72 trillion.
