Nigeria’s overall goods trade, according to the National Bureau of Statistics (NBS), was worth N11,722.44 billion in the fourth quarter of 2022.
The NBS Foreign Trade in Goods Statistics Report for Q4 2022, which was released on Friday in Abuja, supports this.
According to the NBS, overall exports were N6,359.61 billion while total imports were N5,362.83 billion.
Total trade was N52,387.30 billion each year, with total imports coming in at N25,590.55 billion and total exports coming in at N26,796.75 billion, the report said.
When compared to the amounts reported in Q3 2022 at N5,934.15 billion and Q4 2021 at N5,766.62 billion, respectively, it was said that overall exports grew in Q4 2022 by 7.17 per cent and 10.28 per cent.
According to the study, overall imports, which were valued at N6,343.53 billion in Q3 2022, decreased by 15.46% in Q4 2022.
The report said that total imports decreased by 9.73 per cent from the N5,940.58 billion amount seen in the fourth quarter of 2021.
According to the NBS, the value of re-exports in the quarter under review was N199.59 billion, or 3.14 per cent of all exports.
According to the research, Namibia, Equatorial Guinea, Cameroun, Ghana, and Togo were the top five countries for re-exports.
According to the report, “Floating or submersible drilling or production platforms,” valued at N142.02 billion, was the most re-exported good.
“This was followed by ‘cruise ships and similar vessels for the transport of persons or goods worth 500 tonnes valued at N14.78 billion.
“Followed by this were refrigerated vessels, other than those of subheading 8901.20, of a capacity of 500 tonnes amounting to N13.16 billion.”
According to the research, Spain, Netherlands, India, France, and Indonesia were the top five export destinations in Q4 2022, accounting for 9.70%, 9.03%, 7.71%, 7.70%, and 7.44%, respectively, of total exports.
“Altogether, exports to the top five countries amounted to 41.59 per cent of the total value of exports,” NBS stated.
According to the report, “Petroleum oils and oils obtained from bituminous minerals, crude” had the highest export values over the time period under consideration, with N4,911.92 billion ($77.24%).
This was followed by “Natural gas, liquefied,” which accounted for N704.8 billion or 11.08 per cent of all exports, and “Urea, whether or not in aqueous solution,” which accounted for N160.56 billion or 2.52 per cent.
According to the research, the top five import origin countries to Nigeria were China, Belgium, India, the Netherlands, and the USA in Q4 2022.
It stated that N2,993.67 billion, or 55.82 per cent, of the total value of imports, was made up of imports from the top five nations.
Motor Spirit Ordinary, valued at N1.558.49 billion, Gas Oil, valued at N220.47 billion, and Durum Wheat (not in seeds), valued at N187.96 billion, were the commodities with the highest import values.
