Nigeria’s foreign trade fell in the fourth quarter of 2022 due to a drop in import trade, the National Bureau of Statistics (NBS) said.
The statistics bureau revealed this in its fourth quarter 2022 foreign trade statistics released on Thursday.
The BNS said total merchandise trade stood at 11.77 trillion naira in the fourth quarter of 2022, indicating a decline of 4.52% from the value recorded in the third quarter of 2022.
The figure also represents a slight increase of 0.13% from the value recorded in the fourth quarter of 2021.
The statistics office said the export trade stood at 6.35 trillion naira, showing an increase of 7.17% from the value recorded in the previous quarter and an increase of 10.28% compared to the corresponding period of the previous year.
Furthermore, he said that the share of exports in total trade stood at 54.25% in the fourth quarter of 2022.
On the other hand, the BNS said total imports were valued at 5.36 trillion naira in the fourth quarter of 2022, indicating a decline of 15.46% from the value recorded in the previous quarter. It fell by 9.73% compared to what was recorded during the corresponding period of 2021.
“The total value of imports in the fourth quarter of 2022 represented 45.75% of total trade. The balance, however, stood at N996.78 billion.
“The trade value of exports in the fourth quarter of 2022 was dominated by crude oil exports valued at N4.9 trillion, which accounted for 77.24% of total exports, while the value of non-crude oil exports s ‘was N1.44 trillion or 22.76% of total exports of which non-oil products contributed N732.24 billion or 11.51% of total exports,’ he said.
Commercial Partners
The report adds that Nigeria’s exports to trading partners revealed that Spain was Nigeria’s top export destination during the quarter under review with the highest volume of export trade valued at US$617.17 billion. naira, accounting for 9.70% of total exports.
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Next come the Netherlands, India, France and Indonesia with goods valued at 574.55 billion naira (9.03%), 490.45 billion naira (7.71%), 489, 82 billion naira (7.70%) and 473 naira. 27 billion (7.44 percent) of export trade, respectively.
These five countries collectively accounted for 41.59% of the value of total exports in the fourth quarter of 2022, according to the report.
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