Nigeria’s crude oil export hits N8.5trn in Q3’23 — NBS
Nigeria’s crude oil exports rose to N8.5trillion in the third quarter of 2023 according to a recent report by the National Bureau of Statistics (NBS).
According to the report, the increase in export of crude oil contributed to an increase in Nigeria’s trade surplus. The trade surplus rose by 47 percent, quarter on quarter, QoQ, to N1.88 trillion from N1.28 trillion in Q2’23.
The NBS in its Foreign Trade Goods report for Q3’23 noted that the improvement in trade surplus followed a 54.62 percent QoQ increase in total trade to N18.8 trillion in Q3’23 from N12.74 trillion in Q2’23.
According to the NBS, “Nigeria’s total merchandise trade stood at N18.8 trillion in Q3, 2023. The value indicates an increase of 54.62 percent over the amount recorded in Q2, 2023 as well as by 53.16 percent when compared to the value recorded in Q3 2022.”
“Total exports accounted for 55.02 percent of total trade in the reviewed quarter with a value of N10.345 trillion showing an increase of 60.78 percent and 74.36 percent over the value recorded in the preceding and corresponding quarters respectively.
“Exports trade in the third quarter of 2023 was dominated by crude oil exports valued at N8.535 trillion representing 82.50 percent of total exports while the value of non-crude oil exports stood at N1.810 trillion;accounting for 17.50 percent of total exports; of which non-oil products contributed N677.57 billion or 6.55 percent of total exports.”
The Bureau however motes that, “the share of total imports accounted for 44.98 percent of total trade in the third quarter of 2023 with the value of imports amounting to N8.457 trillion in Q3, 2023.”
“This value indicates an increase of 47.70 percent and 33.33 percent respectively over the value (N5.726 trillion) and (N6.343 trillion) recorded in the preceding and the corresponding quarters of 2022.
“The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by a considerable increase in trade activities within the period.
“The value of re-export stood at N35.95 billion representing 0.35 percent of total exports in Q3, 2023. The top ranked re-exported commodity was ‘Parts suitable for use solely or princip Other with N10.19 billion, followed by ‘Vessels and other floating structures for breaking up’ valued at N10.04 billion, ‘Lightvessels, fire floats, floating cranes, and other vessels not specified in 8905’ amounting to N5.77 billion, Aluminium waste and scrap valued at N1.50 billion, and ‘Parts of other gas turbines not specified’ valued at N1.12 billion. Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations respectively.
“Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of N1,274.07 billion or 12.31 percent of the country’s total exports, this was followed by India with N1,015.13 billion or 9.81 percent, the Netherlands with N988.66 billion or 9.56 percent, Indonesia with N758.59 billion or 7.33 percent, France with N720.45 billion or 6.96 percent of total exports. Altogether, exports to the top five countries amounted to 45.98 percent of the total value of exports.
“However, analysis by traded products shows that the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N8,535.61 billion representing 82.50 percent this was followed by ‘Natural gas, liquefied’ with N1,016.45 billion accounting for 9.82 percent, and ‘Urea, whether or not in aqueous solution’ with N109.68 billion or 1.06 percent of total exports.
“Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (N1,973.34 billion or 23.33 percent), this was followed by imports from Belgium with N996.65 billion or 11.78 percent, India with N802.07 billion or 9.48 percent, Malta with N561.37 billion or 6.64 percent and the United States of America with N502.92 billion or 5.95 percent of total imports.
“The values of imports from the top five countries amounted to N4,836.36 billion representing a share of 57.18 percent of total imports. The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at N1,921.03 billion or 22.71%, ‘Gas oil’ with N736.66 billion or 8.71 percent and ‘Durum wheat (not in seeds)’ with value amounting to N331.76 billion or 3.92 percent of total imports,” the report stated.
