Nigeria recorded N927.2bn trade surplus in Q1 2023

The National Bureau of Statistics (NBS) has disclosed that Nigeria recorded N927.16 billion trade surplus between January and March.

A trade surplus is an economic indicator of a positive trade balance in which a nation’s exports outweigh its imports.

The NBS in its report on foreign trade for the first quarter of 2023 said Nigeria’s total exports stood at N6.49 trillion, and imports at N5.56 trillion.

The NBS report shows that in the quarter under review, the nation’s total trade stood at N12.05 trillion. This is higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2021.

It is also more than the figure recorded in the fourth quarter (Q4) of 2022 when Nigeria’s trade stood at N11.72 trillion.

“Total exports increased in the first quarter by 2 percent but declined by 8.66 percent when compared to the amount recorded in the fourth quarter of 2022 (N6,359.61 billion) and the corresponding quarter in 2022 (N7,102.11 billion) respectively,” the report reads.

“In the same vein, total imports increased by 3.67 percent in the first quarter of 2023 compared to the value recorded in the fourth quarter of 2022 (N5,362.83 billion) but then again declined by 25.83 percent when compared to the value recorded in the corresponding quarter of 2022 (N7,495.67 billion).”

Further examination of the report shows that the majority of imported goods in Q1 2022 originated from China, the Netherlands, Belgium, India, and the United States of America.

NBS said the value of imports from the aforementioned countries amounted to N3.1 trillion, representing a share of 55.78 percent of the total value of imports.

The bureau said the commodities with the largest values of imported products were “motor spirit ordinary, gas oil, and durum wheat”.

Meanwhile, goods worth about N837.65 billion (the most) were exported to the Netherlands.

Other countries where goods were exported to are the United States of America (N579.35 billion), Spain (N488.17 billion), France (N487.34 billion), and India (N456.69 billion).