The NBS reported that Nigeria’s total exports were N6.49 trillion and its total imports were N5.56 trillion in its report on international trade for the first quarter of 2023.
The NBS data indicates that the country’s overall trade for the quarter under review was N12.05 trillion. In the same time (Q1) of 2021, the figure (N7.86 trillion) was recorded.
Furthermore, it surpasses the amount reported for the fourth quarter (Q4) of 2022, when Nigeria’s commerce was valued at N11.72 trillion.
According to the study, total exports rose by 2% in the first quarter but fell by 8.66% when compared to the figures from the fourth quarter of 2022 (N6,359.61 billion) and the comparable period in 2022 (N7,102.11 billion), respectively.
“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 analysis of the study reveals that China, the Netherlands, Belgium, India, and the United States of America accounted for the majority of Q1 2022 imports.
According to NBS, imports from the aforementioned nations accounted for N3.1 trillion in value, or 55.78 percent of all imports.
The bureau said that “motor spirit ordinary, gas oil, and durum wheat” were the commodities with the highest values of imported goods.
Meanwhile, exports to the Netherlands totaled N837.65 billion (the highest amount).
The United States of America (N579.35 billion), Spain (N488.17 billion), France (N487.34 billion), and India (N456.69 billion) are other destinations for exports of commodities.