Netherlands leads Nigeria’s foreign export destination list, as export drops to N7.01trn

Nigeria recorded N7.01 trillion in foreign exports in the second quarter of 2023, with the Netherlands and the United States of America (USA) making the top five export destinations.

In foreign trade data for Q2 2023 released by the National Bureau of Statistics (NBS) on Thursday, the total value of foreign exports depreciated by 5.20 per cent year-on-year compared to N7.4 trillion recorded in the same period in 2022.

However, on a quarter-on-quarter basis, export trades surged by 8.15 per cent, surpassing the N6.48 trillion reported in the first quarter of this year.

Export accounted for 54.89 per cent of total foreign trade, which was N12.77 trillion, indicating a trade surplus of N1.25 trillion in the second quarter of 2023.

This is as imports held 45.10 per cent of the total foreign trade, representing N5.76 trillion recorded between April to June this year according to data from the Bureau.

A broader look at the first six months of 2023, Nigeria saw total foreign trades worth N24.8 trillion, with total imports valued at N11.3 trillion and exports settled at N13.5 trillion – reflecting N2.2 trillion trade surplus in the first half.

Nigeria’s re-export trades

The NBS further stated that re-export during the review period was N91.44 billion, with Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands being the destinations for re-export goods.

Some of these re-export goods are Other turbines for marine propulsion, which was valued at N41.24 billion and Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901,’ worth N10.96 billion.

Nigeria’s top five foreign export destinations

According to the data, the top five export destinations for Nigerians are the Netherlands, the United States of America (USA), Indonesia, France and Spain.

The major goods exported to these countries are Petroleum oils and oils obtained from bituminous minerals, crude worth N5,586.29 billion.

Other goods that left Nigeria for international markets are Natural gas, liquefied, valued at N639.37 billion and Urea, whether or not in aqueous solution contributed N81.21 billion to the export list.

The Netherlands imported N788.85 billion worth of goods from Nigeria in Q2 2023, US imported N718.63 billion, Indonesia accounted for N550.18 billion, France received N540.73 billion worth of goods and Spain contributed N504.45 billion.

Top five foreign import destinations for Nigerians

With N5.76 trillion worth of goods imported into Nigeria in the second quarter of 2023, China accounted for the largest chunk, recording N1.269 trillion.

Following closely is the US, with N921.45 billion worth of imports, Belgium accounted for N460.43 billion, India reported N417.77 billion and goods from the Netherlands were valued at N369.69 billion.

Major goods imported from these countries are Motor Spirit Ordinary N1,230.95 billion. Also listed are Used Vehicles, with diesel or semi-diesel engines, of cylinder capacity >2500cc, which gulped N733.92 billion, while Gas oil worth N230.83 billion made the cut.

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