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Import Decline in Foreign Trade for Q4’22

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CEM REPORT, TRADE | Nigeria traded foreign deals worth N11,722.44 billion in the fourth quarter of 2022.

Total exports stood at N6,359.61 billion and total imports stood at N5,362.83 billion in the review period.

The National Bureau of Statistics (NBS) details this in its just released Foreign Trade in Goods Statistics Report for Q4 2022.

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According to the report, on a quarter-on-quarter (QoQ) basis exports increased by 7.17 per cent from N5,934.15 billion to N6,359.61 billion.

While imports declined by 15.46 per cent from N6,343.53 billion recorded in Q3’22 to N5,362.83 billion in Q3’22.

A comparison with the corresponding quarter of the previous year (Q4’21), exports in Q4 2022 increase by 10.28 per cent from N5,766.62 billion.

However total imports fell by 9.73 per cent when compared to the value recorded in the fourth quarter of 2021 at N5,940.58 billion.

The fall in import reveals that the nation is leaning away from its export dependence to patronising locally produced goods, although scarcity of FX can also be attributed to the fall in imports.

Furthermore, Year-on-Year (YoY) total trade stood at N52,387.30 billion.

A breakdown of the sum reveals that total imports amounted to N25,590.55 billion, and total exports accounted for N26,796.75 billion.

The report further stated that Spain, Netherlands, India, France, and Indonesia where the top five export destination in the quarter accounting for 41.59 per cent of the total value of exports.

Also, the report details that Spain received more exports than any other country in Q3’22 accounting for 9.70 per cent of total exports.

Netherlands followed with 9.03 per cent of total exports in the period, India with 7.71 per cent, France with 7.70 per cent, and Indonesia accounted for 7.44 per cent of total expo6.

A breakdown of the export chart reveals that commodity with the largest export value in the period under review was ‘‘Petroleum oils and oils obtained from bituminous minerals, crude’ at N4,911.92 billion representing 77.24 per cent”.

“This was followed by ‘Natural gas, liquefied’ at N704.88 billion accounting for 11.08 per cent, and ,’Urea, whether or not in aqueous solution’ at N160.56 billion or 2.52 per cent of total exports.”

Additionally, the NBS report states that re-exports commodities valued at N199.59 billion representing 3.14 per cent of total exports in the quarter.

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While Namibia, Equatorial Guinea, Cameroun, Ghana and Togo were the top five re-export destinations. The most re-exported commodity was ‘‘Floating or submersible drilling or production platforms recorded at N142.02 billion.

“This was followed by ‘cruise ships and similar vessels for the transport of persons or goods worth 500 tonnes valued at N14.78 billion.

“Followed by this was refrigerated vessels, other than those of subheading 8901.20, of a capacity of 500 tonnes amounting to N13.16 billion.”

In terms of imports in Q3’22, Nigeria patronised China, Belgium, India, the Netherlands and the USA.

These top five countries accounted for N2,993.67 billion representing 55.82 per cent of the total value of imports.

“The commodities with the largest values of imported products were Motor Spirit Ordinary at N1,558.49 billion, Gas Oil at N220.47 billion, and Durum Wheat (not in seeds) at N187.96 billion.”

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