Nigeria’s foreign trade fell in the fourth quarter of 2022 due to a decline in import trade, the District Central Statistics Agency (NBS) has said.
The statistics bureau announced this in the Foreign Trade Goods Statistics Q4 2022 published on Thursday.
The NBS said total merchandise trade stood at N11.77 trillion in the fourth quarter of 2022, representing a 4.52 percent decline from the value recorded in the third quarter of 2022.
The figure also shows a slight increase of 0.13 percent when compared to the value recorded in the fourth quarter of 2021.
The statistics office stated that export trade stood at N6.35 trillion which represents an increase of 7.17 percent from the value recorded in the previous quarter and an increase of 10.28 percent over the corresponding period of the previous year.
In addition, it said that the share of exports in total trade was 54.25 percent in Q4, 2022.
On the other hand, NBS said that total imports were valued at N5.36 trillion in Q4 2022, representing a decrease of 15.46 percent from the value recorded in the previous quarter. It fell by 9.73 percent compared to what was recorded in the corresponding period in 2021.
“The total value of imports in the fourth quarter of 2022 was 45.75 percent of the total trade. But the balance stood at N996.78 billion.
“The value of export trade in the fourth quarter of 2022 was dominated by crude oil exports valued at N4.9 trillion which accounted for 77.24 percent of total exports while the value of non-crude oil exports amounted to N1.44 trillion or 22.76 percent. of total exports which are non- oil contributed N732.24 billion representing 11.51 percent of the total exports,” he said.
Trading Partner
The report added that Nigeria’s exports to its trading partners indicated that Spain was Nigeria’s top export destination during the quarter under review with the highest export trade volume valued at N617.17 billion representing 9.70 percent of total exports.
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It was followed by the Netherlands, India, France, and Indonesia with goods valued at N574.55 billion (9.03 percent), N490.45 billion (7.71 percent), N489.82 billion (7.70 percent), and N473. 27 billion (7.44 percent) of export trade, respectively.
The five countries collectively accounted for 41.59 percent of total exports in Q4 2022, the report said.
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