According to the National Bureau of Statistics’ latest report on foreign trade statistics, the overall value of trade dropped from N14.6 trillion in the first quarter of 2022 to N12.05 trillion in Q1 2023.
Nigeria imported $5.56 trillion and exported $6.49 trillion in Q1 2023, demonstrating a trade surplus of $930 billion, the research states.
In the report, it was stated that: “The value of total imports stood at N5.56tn in the first quarter of 2023, this represents a 3.67 per cent rise when compared with the value recorded in Q4, 2022 (N5.36tn) but declined by 25.83 per cent compared to the value recorded in the corresponding quarter of 2022 (N7.5tn).”
The value of imports and exports decreased, according to the data.
Exports dropped from N7.1 trillion in Q1 2022 to N6.49 trillion in Q1 2023, an 8.66% reduction in value.
Read the report: “The value of total exports in Q1, 2023 stood at N6.49tn indicating an increase of 2.00 per cent when compared with the value of exports in Q4, 2022 (N6.36tn) but decreased by 8.66 per cent when compared with the first quarter of 2022 (N7.10tn).”
Additionally, it was revealed that exports of manufactured goods, crude oil, oil products, energy goods, and raw materials items decreased in the first quarter of 2023.
Only the export of solid minerals and agricultural products saw growth, at 38.72 and 32.17 percent, respectively.
There was a report: “The value of agricultural goods exports stood at N279.64bn in Q1, 2023, this shows an increase of 63.92 per cent and 38.72 per cent compared to the value recorded in Q4, 2022 (N170.59bn) and Q1, 2022 (N201.59bn) respectively.”
It added, “The value of solid minerals exports in Q1, 2023 was valued at N26.02bn indicating an increase of 23.73 per cent and 32.17 per cent compared to the value recorded in Q4, 2022 (N21.03bn) and in the corresponding quarter in 2022 (N19.69bn).”
- Tags: foreign trade, FX, FX shortage, NBS
