Nigeria has recorded a substantial growth in its total merchandise trade as it is growing to N71.88 trillion in 2023 compared to the preceding year’s figure of N52.38 trillion
The break down in the annual trade numbers, exports accounted for N35.96 trillion, while imports represented N35.91 trillion, resulting in a surplus of N44 billion.
Despite this overall success, the fourth quarter of 2023 saw a deficit of N1.41 trillion, with total trade standing at N26.80 trillion.
However, this represents a noteworthy 38.24 per cent increase over the value recorded in the third quarter of 2023 and a substantial 128.64 percent rise compared to the same quarter in 2022.
The recent Foreign Trade in Goods Statistics for the fourth quarter released by the National Bureau of Statistics (NBS) showed that total exports in the quarter under review increased by 22.68 per cent when compared to the amount recorded in the third quarter of 2023 which stood at N10.346 trillion as well as by 99.60 per cent compared to N6.359 trillion in the corresponding quarter of 2022 .
In the same vein, total imports increased by 56.04 per cent against the value of N9.041 trillion recorded in the third quarter of 2023 and rising by 163.08 per cent against the value of N5.362 trillion recorded in the corresponding quarter of 2022.
The value of re-exports stood at N50.91 billion representing 0.40 per cent of total exports. Details analysis on re-exports reveals that the top five re-export destinations were Malaysia, Cameroun, Italy, Ghana, and the Netherlands and the most re-exported commodity was ‘Vessels and other floating structures for breaking up.
with N13.67 billion, ‘this was followed by Mechanically propelled vessels for the transport of goods, gross tonnage >500 tonnes’ valued at N6.76 billion,
‘Other machinery of heading 84.30, not self-propelled’ amounting to N6.26 billion, Tugs and pusher craft. valued at 4.54 billion, and ‘Artificial filament tow of cellulose acetate’ valued at N2.42 billion.
