Spain, US, France, India, Netherlands make Nigeria’s five exports destinations in Q2/24- NBS

Spain, the United States of America, France, India and The Netherlands have emerged as Nigeria’s five top export destinations in the second quarter of 2024.

This is according to the latest Foreign Trade Data released by the National Bureau of Statistics (NBS).

The data showed that the most exported commodities included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.

Meanwhile, China has emerged as Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.

The data showed that the most traded commodities during the quarter were Motor spirit ordinary, oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery.

READ ALSO:Nigeria’s GDP rose by 3.19% in Q2 2024 – NBS

The value of total imports in the period under review stood at N12,473.53 billion.

This represents a decrease of 10.71 percent compared with the value recorded in Q1, 2024 (N13.970.05 billion) and a rise of 97.93 percent from the value recorded in the corresponding quarter of 2023 (N6,301.95 billion).

Nigeria’s total exports in Q2 2024 were valued at N19,418.93 billion, reflecting a 1.31 percent increase compared to N19,167.36 billion in Q1 2024 and a 201.76 percent rise compared to N6,435.13 billion in Q2 2023.

In the period under review, Nigeria recorded N6.95 trillion as a trade surplus in Q2 2024.

Trade surplus occurs when the value of export surpasses that of importation.

By Babajide Okeowo

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