Nigeria’s trade transactions to top five destinations hit N3.1trn in Q2 ’23 – NBS

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BY FESTUS OKOROMADU, ABUJA

The total value of commodities exported from Nigeria to top five destinations namely, the Netherlands, U.S.A, Indonesia, France and Spain in the second quarter of 2023 was N3.103 trillion while the value of commodities imported from the same countries during the period stood at N1.5 trillion.

This is according to data obtained from the National Bureau of Statistics in its Commodity Price Indices and Terms of Trade for Q2 2023 released at the weekend.

Breakdown of the merchandise trade transaction shows that Nigeria’s export trade with The Netherlands was valued at N788.85 billion accounting for 11.24 percent of total export while import was valued at N104.84 billion.

This was followed by exports to the United States of America valued at N718.63 billion, representing 10.24 percent of total exports while import value during the period was N921.45 billion.

Nigeria’s export trade to Indonesia stood at N550.18 billion representing 7.84 percent of total exports while import value was N46.15 billion.

The total exports to France and Spain were valued at ₦540.73 billion and ₦504.45 billion respectively translating to 7.71 percent and 7.19 percent each of total exports in the period under review.

Similarly, the value of import trade from both countries to Nigeria stood at N104.84 billion and N58.00 billion respectively.

The report revealed that major commodities exported to The Netherlands during the period were petroleum oils and oils obtained from bituminous minerals, crude worth N766.36 billion.

Others were frozen shrimps and prawns worth N4.44 billion and mechanically propelled vessels for the transport of goods, valued at N4.22billion.

On the other hand, total imports from The Netherlands were valued at N369.69 billion during the period under review.

The main commodity imported was motor spirit, ordinarily worth N262.22 billion. This was followed by “Parts suitable for use solely or principle other” worth N41.43 billion and Gas oil valued at N10.92 billion and others.

The largest exported commodity to the United States of America was “Petroleum oils and oils obtained from bituminous minerals, crude’’ valued at N583.20 billion.

This was followed by “Other petroleum gases in the gaseous state” valued at N61.79 billion and “Urea, whether or not in aqueous solution” worth N36.15 billion.

However, imports from the United States of America showed that used vehicles, with diesel or semi-diesel engines, of cylinder capacity 2500cc ranked highest with a value of N721.79 billion.

This was followed by Durum wheat (Not in seeds) (N17.9 billion), used vehicles, with diesel or semi-diesel engine, of cylinder capacity 1500cc (N15.78 billion) were imported from the United States of America during the period under review.

The largest exported commodity to Indonesia was “Petroleum oils and oils obtained from bituminous minerals, crude’’ worth N539.56 billion.

This was followed by Superior Quality Cocoa beans valued at N5.28 billion, Standard Quality Cocoa beans worth N3.92 billion and others.

On the import, the highest traded commodity during the period under review was “Other weighing 40 g/m2 or more but not more than 150 g/m2” valued at N11.79 billion.

This was followed by “Hydrogenated vegetable fats not further prepared” valued at N8.35 billion and “Seasoning powder in packing’s of not less than 25 kg” valued at N3.53 billion, and others were imported from Indonesia.

Exports to France were largely dominated by “Petroleum oils and oils obtained from bituminous minerals, crude” worth ₦511.91 billion, Natural gas valued at N16.26 billion, flour and meals of soya beans which stood at N10.54 billion and others.

On the other hand, the value of imports from France stood at ₦104.84 billion.

The largest imported commodity from France was Motor Spirit, ordinarily valued at ₦47.49 billion, followed by Malt Not roasted with ₦2.84 billion, and “Durum wheat (Not in seeds) worth N2.66 billion and others.

The report stated that the largest export commodity to Spain was “Petroleum oils and oils obtained from bituminous minerals, crude’’ worth ₦307.11 billion.

This was followed by Natural gas valued at N169.80 billion, “Mechanically propelled vessels for the transport of goods, gross tonnage not specified in 8901” (amounting to N11.00 billion) and others.

On the other hand, the main commodities imported were “Mixed alkyl benzenes and mixed alkylnaphthalenes” worth N15.87 billion.

“Motor spirit, ordinary” valued at N14.91 billion, Gypsum; anhydrite which amounted to N3.60 billion and others were imported from Spain during the period under review.