This is according to the NBS Foreign Trade in Goods Statistics Report for Q1 2023 released in Abuja on Tuesday.
The National Bureau of Statistics (NBS) says Nigeria's total merchandise trade slightly improved in the first quarter of 2023.
This is according to the NBS Foreign Trade in Goods Statistics Report for Q1 2023 released in Abuja on Tuesday.
The NBS said the increase was due to a marginal increase in import and export trade resulting in a positive trade balance.
The report said in Q1 2023, Nigeria's total trade stood at N12.1 trillion of which total exports stood at N6.5 trillion and total imports amounted to N5.6 trillion.
It said total exports increased in Q1 2023 by 2.00 per cent but declined by 8.66 per cent when compared to the amount recorded in Q4 2022 at N6,359.61 billion and Q1 of 2022 at N7,102.11 billion, respectively.
The report said total imports increased by 3.67 per cent in Q1 2023 compared to the value recorded in Q4 2022 at N5,362.83 billion.
"Total imports however fell by 25.83 per cent when compared to the value recorded in Q1 2022 at N7,495.67 billion," it said.
The NBS said re-exports value in the quarter under review stood at N32.17 billion representing 0.50 per cent of total exports.
The report said the top five re-export destinations were Cameroon, Ghana, Equatorial Guinea, the United Kingdom, and Liberia.
It said the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion.
"This was followed by light vessels, fire floats, floating cranes, and other vessels valued at N4.71 billion.
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"Followed by this were other instruments and appliances for surveying amounting to N0.93 billion and parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion."
The report said the top five export destinations in Q1 2023 were the Netherlands accounting for 12.91 per cent, followed by the USA at 8.93 per cent.
"This was followed by Spain at 7.53 per cent, France at 7.51 per cent, and India at 7.04 per cent of total exports.
"Altogether, exports to the top five countries amounted to 43.92 per cent of the total value of exports," the NBS stated.
It said the commodity with the largest export values in Q1 2023 was petroleum oils and oils obtained from bituminous minerals, crude at N5,148.58 billion representing 79.37 per cent.
"This was followed by 'Natural gas, liquefied' at N622.36 billion accounting for 9.59 per cent, and 'Urea, whether or not in aqueous solution' at N146.79 billion or 2.26 per cent of total exports."
In terms of Imports, the report said in Q1 2023, China, The Netherlands, Belgium, India, and the USA were the top five countries of origin of imports to Nigeria.
It said the value of imports from the top five countries amounted to N3.2 trillion representing a share of 55.78 per cent of the total value of imports.
"The commodities with the largest values of imported products were Motor Spirit Ordinary at N1,492.28 billion, Gas Oil at N472.40 billion and Durum Wheat (not in seeds) at N249.22 billion."
