The National Bureau of Statistics (NBS) revealed that in the third quarter of 2023, Nigeria’s total external merchandise trade was N18.80 trillion. There was a N1.88 trillion trade surplus because exports made up N10.35 trillion and imports were N8.46 trillion.
When comparing Q3 2023 to Q2 2023, total exports went up from N6.44 trillion to N6.58%. Furthermore, compared to Q3 2022 figures of N5.93 trillion, exports increased by 74.36%. Exports of non-crude oil made up 17.50% of total exports with N1.81 trillion, and exports of non-oil products made up 6.55% of total exports with N677.57 billion.
In comparison to Q2 2023, total imports climbed by 47.70%, while in Q3 2022, they increased by 33.33%. The significant rise in exports and imports can be ascribed to heightened trade activity.
With N1.27 trillion, or 12.31% of total exports, Spain became Nigeria’s largest trading partner in Q3 2023. India came in second with N1.01 trillion, or 9.81%). France, Indonesia, and the Netherlands were also among the top export destinations.
Petroleum oils and oils derived from bituminous minerals, or crude, accounted for the highest export value in Q3 2023, totaling N8.54 trillion (82.50% of total exports). The liquefied natural gas and urea were also important exports.
China topped the list of countries that imports into Nigeria with N1.97 trillion (23.33%), followed by the United States of America (N502.92 billion or 5.95%), Belgium (N996.65 billion or 11.78%), India (N802.07 billion or 9.48%), Malta (N561.37 billion or 6.64%), and China (N1.97 trillion).