…The Statistics Office re-exports analysis reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands
FRI, MAR 08 2024-theGBJournal| Nigeria’s export ticked higher by 22.68% in Q4-2023 when compared to the amount recorded in the third quarter of 2023 (N10,346.60 billion) as well as by 99.60% compared to the corresponding quarter in 2022 (N,359.61 billion), according to latest Foreign Trade in Goods statistics published by the National Bureau of Statistics (NBS) today.
According to the data, Nigeria’s total trade stood at N26,801.95 billion in the quarter under review, and on annual basis, total trade was N71,880.01 billion, of which imports amounted to N35,917.62 billion, and exports were recorded at N35,962.39 billion, a much closer gap than expected given the country’s economic headwind and Naira debacle.
Meanwhile, total imports increased by 56.04% compared to the value recorded in the third quarter of 2023 (N9,041.24 billion) and by 163.08% when compared to the value recorded in the corresponding quarter of 2022 (N5,362.83 billion).
The Statistics office said the value of re-exports stood at N50.91 billion representing 0.40% of total exports.
The Statistics Office re-exports analysis 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.
The the top five export destinations in Q4, 2023 were the Netherlands with N1,910.47 billion or 15.05%, India with N1,101.47 billion or 8.68%, Spain with N1,030.09 billion or 8.11%, Canada with N907.64 billion or 7.15%, France with N799.77 billion or 6.30% of total exports.
Altogether, exports to the top five countries amounted to 45.29% of the total value of exports. The largest exported product in the fourth quarter of 2023 was ‘Petroleum
oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion representing 81.23%.
In terms of Imports (CIF), the top five trading partners were Singapore with goods valued at N5,092.36 billion or 36.09%, China with N2,060.59 billion or 14.61%, Belgium with N1,140.97 billion or 8.09%, India with N908.59 billion or 6.44% and The United States of America with goods valued at N512.99 billion or 3.64%.
The values of imports from the top five countries amounted to N9,715.50.
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