By Raymond Adebayo
Sept. 7, 2023, 8:40 p.m.
Nigeria’s total foreign trade was N12.741.96 billion in the second quarter of 2023 according to the latest data on foreign trade released by the National Bureau of Statistics (NBS) on Thursday.
The report showed total exports at N7.015.72 billion, while imports amounted to N5,726.25 billion.
NBS said that the country’s total exports jumped by 8.15 per cent compared to the amount recorded in Q1 2023, which stood at N6,487.04 billion but declined by 5.20 per cent compared to the corresponding quarter of 2022.
On the other hand, total imports increased by 2.99 per cent compared to the value recorded in the first quarter of 2023 (N5,559.88 billion) but declined by 10.37 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6,388.51 billion).
The largest export value in the second quarter of 2023 was for petroleum oils and crude oils obtained from bituminous minerals, with N5,586.29 billion representing 79.63 per cent; this was followed by liquefied natural gas, with N639.37 billion accounting for 9.11 per cent, and urea, with N81.21 billion, or 1.16% of total exports.
Likewise, the commodities with the largest values of imported products were Motor Spirit (N1,230.95 billion, or 21.50 per cent), used vehicles with diesel or semi-diesel engines of cylinder capacity >2500cc (N733.92 billion, or 12.82 per cent) and gas oil (N230.83 billion, or 4.03 per cent).