Connect with us

Hi, what are you looking for?

Business

Chinese goods top Nigeria’s imports trade in Q1 of 2023—Report

The goods from China have recorded the highest Nigerian imports in the first quarter of 2023 (Q1).

Special Envoy of Chinese President XI Jinping and Vice Chairman of Chinese National People's Congress, Peng Qinghua with the President of Nigeria, Bola Ahmed Tinubu.
Special Envoy of Chinese President XI Jinping and Vice Chairman of Chinese National People's Congress, Peng Qinghua with the President of Nigeria, Bola Ahmed Tinubu.

The goods from China have recorded the highest Nigerian imports in the first quarter of 2023 (Q1).

This was revealed in the National Bureau of Statistics’s (NBS) report of foreign trade in goods statistics published on Tuesday.

Chinese goods top the imports trade ahead of others followed by the Netherlands, Belgium, Inda and the United States of America (USA).

Advertisements

Chinese goods recorded N1.296.73 billion representing 23 per cent of the total imports; imports from the Netherlands recorded N575.23 billion representing 10 per cent.

Others include Belgium with N518.12 billion (9.32 per cent); India recorded N427.40 billion (7.69 per cent) and the USA recorded N283.94 billion (5.11 per cent).

The report indicates that “the value of imports from the top five countries amounted to N3,101.42 billion representing a share of 55.78% of the total value of imports.

While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,492.28 billion or 26.84%), ‘Gas Oil’ (N472.40 billion or 8.50% and ‘Durum Wheat (Not in seeds)’ (N249.22 billion or 4.48%)”, the NBS stated in the report.

Nigeria’s total foreign trade in Q1 stood at N12,046.92 billion of which total exports stood at N6,487.04 billion and total imports amounted to N5,559.88 billion.

The report also indicates that “total exports in Q1 increased by 2.00% but declined by 8.66% when compared to the amount recorded in the fourth quarter of 2022 (N6,359.61billion) and the corresponding quarter in 2022 (N7,102.11 billion) respectively. 

Also, “total imports increased by 3.67% in the first quarter of 2023 compared to the value recorded in the fourth quarter of 2022 (N5,362.83 billion) but then again declined by 25.83% when compared to the value recorded in the corresponding quarter of 2022 (N7,495.67 billion).

“The value of Re-exports in the quarter under review stood at N32.17 billion representing 0.50% of total exports. Data available shows that the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia”.

The most re-exported commodity include ‘Vessels and other floating structures for breaking up with N21.07 billion, this was followed by ‘Light vessels, fire floats, floating cranes, and other vessels not specified in 8905’ valued at N4.71 billion, ‘Other instruments and appliances for Surveying not specified in 9015’ amounting to N0.93 billion and Parts of work-truck of the type used in factories, warehouses, dock areas or airports valued at N0.85 billion.

In Q1, the Netherlands topped the export chart with N837.65 billion representing 12.9 per cent, followed by the USA with N579.35 billion (8.93 per cent), Spain with N488.17 billion (7.53 per cent), France with N487.34 billion (7.51 per cent) and India with N456.69 billion (7.04%). 

NBS said the exports to the top five countries amounted to 43.92 per cent of the total value of exports. ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,148.58 billion representing 79.37 per cent remains the commodity with the largest export values in the period under review, followed by ‘Natural gas, liquefied’ with N622.36 billion accounting for 9.59 per cent, and ‘Urea, whether or not in aqueous solution’ with N146.79 billion (2.26 per cent) of total exports.

The country’s total merchandised trade improved slightly in Q1 following a marginal increase in import and export trade which landed Nigeria in a positive balance of trade.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Like Our Facebook Page

You May Also Like

Security

The Defence Headquarters of the Nigeria military said successes have been recorded by the Armed Forces in tackling kidnapping, insurgency and other security challenges...

Legislature

A bill seeking to amend the 1999 constitution and allow the establishment of state police by the 36 states in the federation has passed...

Uncategorized

The International Monetary Fund (IMF) has put up a recommendation of completely phasing out electricity subsidy to President Bola Tinubu-led administration.

Finance

Olusegun Obasanjo, former President of Nigeria, says the coming generations would have no option but to pay the country’s debt burden as a result...

Anti-corruption

Nigeria has united with the rest of the world in the fight against corruption at the tenth session of the Conference of State Parties...

Data Analytics

A new report by the National Bureau of Statistics (NBS) showed the country’s headline inflation soared to 26.72 per cent in September.