Nigeria’s trade surplus increased to N6.9trn in Q2 2024, says NBS

The National Bureau of Statistics (NBS) says Nigeria recorded a trade surplus of N6.94 trillion between April and June.

The NBS, in its foreign trade report for the second quarter (Q2) of 2024, said Nigeria’s exports totalled N19.41 trillion while imports stood at N12.47 trillion — representing a trade surplus of N6.94 trillion.

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

The bureau said total trade was N31.8 trillion in Q2, represents a decline of 3.76 percent compared to the N33.1 trillion recorded in the first quarter (Q1) of the year.

“Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2, 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023,” the bureau said.

“In the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6,435.13).”

On foreign trade, the statistics body said crude oil exports dominated trading activities in the second quarter of 2024.

Crude oil export was valued at N14,559.56 billion, representing 74.98 percent of total exports, according to the reports.

“The value of crude oil exports stood at N4,859.37 billion, accounting for 25.02% of total exports, of which non-oil products contributed N1,944.25 billion or 10.01% of total exports,” NBS added.

The bureau said mineral fuels recorded the highest in the import group in the period reviewed.

“During the second quarter of 2024, total imports were valued at ₦12,473.53 billion accounting for 39.11% of total trade,” the report said.

“Using the Standard International Trade Classification, the top-ranked group import was ‘mineral fuels’ with ₦4,415.19 billion representing 35.40% of total imports, this was followed by ‘machinery and transport equipment’ with ₦2,878.69 billion (23.08% of total imports) and ‘Chemicals & related products’ with ₦1,886.50 billion (15.12% of total imports).”

‘SPAIN, CHINA TOP NIGERIA’S TRADE DEALINGS’

The NBS said Spain was Nigeria’s top export destination in Q2, followed by the United States, France, India, and the Netherlands.

“The main export destination was Spain with a value of ₦2,007.00 billion or 10.34% of total exports, followed by exports to the United States of America with ₦1,855.94 billion or 9.56% of total exports, France with ₦1,819.94 billion or 9.37% of total export,” NBS said.

“India with ₦1,650.09 billion or 8.50% of total exports, and exports to The Netherlands with goods valued at ₦1,379.50 billion representing 7.10% of total exports. These five countries collectively accounted for 44.87% of the value of total exports in Q2, 2024.”

The report also said China remained Nigeria’s major trading partner, with 24.29 percent (N3.03 trillion) worth of imported goods.

Others on the top five import routes were Belgium (N1.79 trillion or 14.35 percent,) India (N1.05 trillion or 8.59 percent), the United States (N917 billion or 7.36 percent), and the Netherlands ( N585 billion or 4.69 percent).