The National Bureau of Statistics (NBS) reported that Nigeria’s total merchandise trade in the fourth quarter of 2022 was N11.722 billion.
This is according to the “NBS Foreign Trade in Goods Statistics Report for the Fourth Quarter of 2022,” which was released in Abuja on Friday.
NBS said total exports were N6.359 billion, while total imports were N5.362 billion.
According to the report, total trade was N52.387 billion on an annual basis, total imports were N25.590 billion, and total exports were N26.796 billion.
Total exports increased by 7.17 percent and 10.28 percent in Q4 2022, respectively, compared to the amounts recorded in Q3 2022 (N5.934 billion) and Q4 2021 (N5.766 billion).
The report, however, said total imports declined by 15.46 percent in Q4 2022 compared to the value recorded in Q3 2022 at N6.343 billion. Total imports also fell by 9.73 percent compared to the value recorded in the fourth quarter of 2021 at N5.940 billion.
The NBS said re-exports value in the quarter under review stood at N199.59 billion representing 3.14 percent of total exports.
“Namibia, Equatorial Guinea, Cameroun, Ghana, and Togo were the top five re-export destinations.” It said the most re-exported commodity was ‘floating or submersible drilling or production platforms, recorded at N142.02 billion.
“This was followed by cruise ships and similar vessels for transporting persons or goods worth 500 tonnes valued at N14.78 billion, refrigerated vessels, other than those of subheading 8901.20, of a capacity of 500 tonnes amounting to N13.16 billion.”
The report said the top five export destinations in Q4 2022 were Spain, Netherlands, India, France, and Indonesia, accounting for 9.70 percent, 9.03 percent, 7.71 percent, 7.70 percent, and 7.44 percent, respectively, of total exports.
Altogether, exports to the top five countries amounted to 41.59 percent of the total value of exports, NBS stated. It said the commodity with the largest export values in the period under review was petroleum oils and oils obtained from bituminous minerals, crude at N4.911 billion representing 77.24 percent.
This was followed by natural gas, liquefied at N704.88 billion, accounting for 11.08 percent, and urea, whether or not in aqueous solution, at N160.56 billion or 2.52 percent of total exports.
The top five countries of origin of imports to Nigeria in Q4 2022 were China, Belgium, India, the Netherlands, and the United States.
It stated that the value of imports from the top five countries amounted to N2.993 billion, accounting for 55.82 percent of the total import value.
