The value of Nigeria’s total trade rose to N71.88 trillion in 2023, a 37.2 percent from N52.38 trillion in 2022, according to a new Foreign Trade report on Thursday.
The National Bureau of Statistics (NBS) report shows exports grew marginally to N35.96 trillion, while imports stood at N35.92 trillion.
Quarter-on-quarter, total exports increased by 22.68 per cent from N10.35 trillion in Q3 2023 and surged by 99.60 per cent compared to the same period in 2022, which recorded N6.36 trillion.
However, total imports increased by 56.04 per cent compared to the value recorded in the third quarter of 2023 N9.041 trillion and by 163.08 per cent compared to N5.36 trillion recorded in the corresponding quarter of 2022
Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands and 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 the transport of goods, gross tonnage> 500 tonnes’ valued at N6.76 billion, ‘Other machinery of heading 84.30, not self-propelled’ amounting to N6.26 billion, Tugs and pusher craft. valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at N2.42 billion.
Further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with N1.91 trillion or 15.05 percent, India with N1.10 trillion or 8.68 percent, Spain with N1.03 trillion or 8.11 percent, Canada with N907.64 billion or 7.15 per cent, France with N799.77 billion or 6.30 per cent of total exports.
