Oil, gas top Nigeria’s exports in Q3, 2023, as trade growth jumps by 60.78%
Oil and gas registered the largest export value in the third quarter report released by the National Bureau of Statistics (NBS) as Nigeria recorded a 60.78 per cent jump in trade growth recorded compared to the second quarter of 2023.
According to the NBS report, Nigeria’s total trade in the third quarter of 2023 stood at N18,804.29 billion, representing an increase of by 60.78 per cent compared to the second quarter of 2023.
The NBS also disclosed in its recently-published on its website titled; “Foreign Trade in Goods Statistics (Q3 2023) International Trade Reports,” that Nigeria’s exports were valued at N10,346.60 billion while total imports stood at N8,457.68 billion in the third quarter of this year.
“Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (N6,435. 13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (N5,934.15 billion),” the report showed.
Also, petroleum oils formed the largest export value in the third quarter of 2023, the report said.
“Petroleum oils and oils obtained from bituminous minerals, crude’ with N8,535.61 billion representing 82.50% this was followed by ‘Natural gas, liquefied’ with N1,016.45 billion accounting for 9.82%, and ‘Urea, whether or not in aqueous solution’ with N109.68 billion or 1.06% of total exports.”
According to the NBS report total imports increased by 47.70 per cent compared to the value recorded in the second quarter of 2023 (N5,726.25 billion) and by 33.33 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6,343.53 billion), the report added.
According to the NBS, the significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.
Meanwhile, data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria were: China (N1,973.34 billion or 23.33%); Belgium with N996.65 billion or 11.78%; India with N802.07 billion or 9.48 per cent; Malta with N561.37billion or 6.64 per cent; and the United States of America with N502.92 billion or 5.95 per cent of total imports.
Furthermore, the value of re-export stood at N35.95 billion representing 0.35% of total exports in Q3, 2023.
According to the NBS report, crude oil remained the highest trading commodity in the third quarter of 2023.
The NBS report further indicated that Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations for Nigeria,respectively.
For export, the report said analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of N1,274.07 billion or 12.31 per cent of the country’s total exports.
“This was followed by India with N1,015.13 billion or 9.81%, The Netherlands with N988.66 billion or 9.56%, Indonesia with N758.59 billion or 7.33%, France with N720.45 billion or 6.96% of total exports.
Altogether, exports to the top five countries amounted to 45.98% of the total value of exports.
