NBS reveals top five export destinations for Nigerian products in Q4’23

Netherland, India, Spain, Canada and France have emerged as the top five export destinations for Nigerian products in the fourth quarter of 2024, recently released data from the National Bureau of Statistics (NBS) has shown.

The bureau disclosed this in its recently released Trade Balance Report for Q4’23 obtained by Ripples Nigeria.

Further analysis on fourth-quarter trade by partners shows that the top five export destinations in Q4, 2023 were the Netherlands with N1,910.47 billion or 15.05%, India with N1,101.47 billion or 8.68%, Spain with N1,030.09 billion or 8.11%, Canada with N907.64 billion or 7.15%, France with N799.77 billion or 6.30% of total exports. Altogether, exports to the top five countries amounted to 45.29% of the total value of exports.

The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10,310.70 billion representing 81.23%, this was followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.00%, and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98% of total exports.

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Total exports in the quarter under review increased to N12,693.62 billion representing an increase of 22.68% when compared to the amount recorded in the third quarter of 2023 (N10,346.60 billion) as well as by 99.60% compared to the corresponding quarter in 2022 (N6,359.61 billion).

In the same vein, total imports increased by 56.04% compared to the value recorded in the third quarter of 2023 (N9,041.24 billion) and by 163.08% when compared to the value recorded in the corresponding quarter of 2022 (N5,362.83 billion).

The value of re-exports stood at N50.91 billion representing 0.40% of total exports. Detailed 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.

By Babajide Okeowo

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