THUR. 09 MARCH 2023-theGBJournal | Latest data from the National Bureau of Statistics (NBS) shows that Nigeria’s total merchandise trade stood at N11,722.44 billion in the fourth quarter of 2022, indicating a decline of 4.52% over the value recorded in the third quarter of 2022 but a slight rise of 0.13% when compared to the value recorded in the fourth quarter of 2021.
Export trade rose by 7.17% to N6,359.61 billion compared to the value recorded in the preceding quarter and increased by 10.28% over the preceding year’s corresponding period. Also, the share of exports in total trade stood at 54.25% in Q4, 2022.
On the other hand, total imports were valued at N5,362.83 billion in Q4, 2022 indicating a decrease of 15.46% over the value recorded in the preceding quarter.
And fell by 9.73% over what was recorded in the corresponding period of 2021. The total imports value in the fourth quarter of 2022 accounted for 45.75% of total trade. The balance however stood at N996.78 billion.
The value of exports trade in the fourth quarter of 2022 was dominated by crude oil exports valued at N4,911.92 billion which accounted for 77.24% of total exports while non-crude oil exports value stood at N1,447.69billion or 22.76% of total exports of which non-oil products contributed N732.24 billion representing 11.51% of total exports.
During the quarter under review, Nigeria imported goods mainly from Asia, valued at N2,630.62 billion or 49.05% of total imports. This was followed by Europe with N2,010.98 billion or 37.50%, America with N509.76 billion or 9.51%, Africa with N180.14 billion or 3.36% and Oceania with N31.32 billion or 0.58%.
Imports from ECOWAS countries accounted for N55.38 billion, or 1.03% of the value of total imports. By country of origin, imported goods originated mainly from China and were valued at N1,354.59 billion, representing 25.26% of total imports.
This was followed by Belgium with N585.63 billion (10.92% of total imports), India with N368.95billion (6.88% of total imports), The Netherlands with goods imported valued at N365.28 billion or 6.81% of total imports, and the United States of America with N319.23 billion (5.95% of total imports).
Nigeria’s exports trading partners revealed that Spain was Nigeria’s top export destination during the quarter under review with the highest volume of export trade valued at N617.17 billion representing 9.70% of total exports. This was followed by The Netherlands, India, France, and Indonesia with goods valued at N574.55 billion or 9.03%, N490.45billion or 7.71%, N489.82 billion or 7.70%, and N473.27 billion or 7.44% of export trade, respectively.
These five countries collectively accounted for 41.59% of the value of total exports in Q4, 2022.
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