Nigeria recorded N6.5trn trade surplus in Q1 2024, says NBS

The National Bureau of Statistics (NBS) says Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024.

NBS made this known in its foreign trade report for the first quarter (Q1) of 2024 on Sunday.

In the first quarter of the year, NBS said Nigeria’s exports totalled N19.1 trillion and total imports stood at N12.6 trillion — indicating a trade surplus of N6.5 trillion.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh the country’s imports.

“Nigeria’s total merchandise trade stood at N31.8 trillion in Q1, 2024. This represents an increase of 46.27 percent over the value recorded in the preceding quarter and rose by 145.58 percent compared to the value recorded in the corresponding period of 2023,” the bureau said. 

“Data revealed that export accounted for 60.25 percent of total trade in the reviewed quarter with a value of N19.1 trillion, showing an increase of 51 percent compared to the value recorded in Q4 2023 (N12.6 trillion) and by 195.47 percent over the value recorded in the first quarter of 2023 (N6.487 trillion).

“On the other hand, the share of total imports accounted for 39.75 percent of total trade in the first quarter of 2024 with the value of imports amounting to N12.6 trillion in Q1, 2024. 

“This value indicates an increase of 39.65 percent over the value recorded in Q4 2023 (N9 trillion) and rose by 95.53 percent compared to the value recorded in Q1 2023 (N6.4 trillion). 

“The merchandise trade balance for Q1 2024 stood positive at N6.5 trillion.”

The exports trade in the first quarter of this year was dominated by crude oil exports valued at N15.48 trillion, representing 80.80 percent of total exports while the value of non-crude oil exports stood at N3.68 trillion accounting for 19.20 percent of total exports; of which non-oil products contributed N1.7 trillion or 9.28 of total exports.

FRANCE TOPS NIGERIA EXPORTS IN Q1 2024

NBS said that in the first quarter of 2024, the top trading export partners were France, Spain, the Netherlands, India, and the United States. 

The bureau added that the most exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.

“Export destinations by countries during the quarter under review show that the highest export destination was France with a value of N2.1 trillion or 11.09% of total exports, followed by Spain with N2 trillion or 10.56% of total exports,” NBS said.

“The Netherlands with goods valued at N1.6 trillion representing 8.85% of total exports, India with N1,611.39 billion or 8.41% of total exports, and the United States with N1.3 trillionillion or 6.84% of total export.”

NBS said these five countries collectively accounted for 45.74 percent of the value of total exports in Q1 2024.

On the other hand, China ranked highest among the top trading partners on the import side, followed by India, the United States, Belgium, and The Netherlands. 

“Analysis by trading partners reveals that imports originated mainly from China and were valued at N2.9 trillion, representing 23.18% of total imports,” the bureau said. 

“This was followed by imports from India with ₦1 trillion (8.46% of total imports), USA with imports valued at N1 trillion or 7.98% of total imports, Belgium with N955 billion (7.56% of total imports) and the Netherlands with N591 billion or 4.68% of total imports.”

Furthermore, NBS said the most traded commodities were motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar meant for sugar refinery, and other liquefied petroleum gases and other gaseous hydrocarbons.