Nigeria’s overseas export and import locations in Q2 2023

Nigeria's overseas export and import locations in Q2 2023
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Nigeria recorded N7.01 trillion in overseas exports within the second quarter of 2023, with the Netherlands and the USA of America (USA) making the highest 5 export locations.

In overseas commerce information for Q2 2023 launched by the Nationwide Bureau of Statistics (NBS) on Thursday, the full worth of overseas exports depreciated by 5.20 per cent year-on-year in comparison with N7.4 trillion recorded in the identical interval in 2022.

Nevertheless, on a quarter-on-quarter foundation, export trades surged by 8.15 per cent, surpassing the N6.48 trillion reported within the first quarter of this yr.

Export accounted for 54.89 per cent of complete overseas commerce, which was N12.77 trillion, indicating a commerce surplus of N1.25 trillion within the second quarter of 2023.

That is as imports held 45.10 per cent of the full overseas commerce, representing N5.76 trillion recorded between April to June this yr in line with information from the Bureau.

A broader have a look at the primary six months of 2023, Nigeria noticed complete overseas trades price N24.8 trillion, with complete imports valued at N11.3 trillion and exports settled at N13.5 trillion – reflecting N2.2 trillion commerce surplus within the first half.

Nigeria's re-export trades

The NBS additional said that re-export in the course of the assessment interval was N91.44 billion, with Cameroon, Spain, the Czech Republic, the UK, and The Netherlands being the locations for re-export items.

A few of these re-export items are Different generators for marine propulsion, which was valued at N41.24 billion and Mech. propelled vessels for the transport of products, gross tonnage not laid out in 8901,' price N10.96 billion.

Nigeria's prime 5 overseas export locations

In line with the information, the highest 5 export locations for Nigerians are the Netherlands, the USA of America (USA), Indonesia, France and Spain.

The key items exported to those international locations are Petroleum oils and oils obtained from bituminous minerals, crude price N5,586.29 billion.

Different items that left Nigeria for worldwide markets are Pure fuel, liquefied, valued at N639.37 billion and Urea, whether or not or not in aqueous resolution contributed N81.21 billion to the export checklist.

The Netherlands imported N788.85 billion price of products from Nigeria in Q2 2023, US imported N718.63 billion, Indonesia accounted for N550.18 billion, France acquired N540.73 billion price of products and Spain contributed N504.45 billion.

High 5 overseas import locations for Nigerians

With N5.76 trillion price of products imported into Nigeria within the second quarter of 2023, China accounted for the biggest chunk, recording N1.269 trillion.

Following intently is the US, with N921.45 billion price of imports, Belgium accounted for N460.43 billion, India reported N417.77 billion and items from the Netherlands have been valued at N369.69 billion.

Main items imported from these international locations are Motor Spirit Odd N1,230.95 billion. Additionally listed are Used Automobiles, with diesel or semi-diesel engines, of cylinder capability >2500cc, which gulped N733.92 billion, whereas Fuel oil price N230.83 billion made the reduce.

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