Nigeria’s Q3 2023 Foreign crude oil trade surges to N18 trillion

Nigeria’s foreign trade increased to N 18.80tn in the third quarter of 2023, up 53.16 per cent year over year.
This comes as revenue from crude oil increased by 83.23 per cent to N8.54 trillion during the reviewed quarter. The entire amount of crude oil sold in the third quarter of 2022 was N4.66 trillion.
The National Bureau of Statistics’ “Foreign Trade in Goods Statistics (Q3 2023)” report states that overall exports rose by 60.78 per cent to N10.35 trillion during the quarter, helped by a rise in trade activity.
The report, released on Monday, reads in part, “Nigeria’s total merchandise trade stood at N18.80tn in Q3, 2023. The value indicates an increase of 54.62 per cent over the amount recorded in Q2, 2023 as well as by 53.16 per cent when compared to the value recorded in Q3 2022.
“Total exports accounted for 55.02 per cent of total trade in the reviewed quarter with a value of N10.35tn, showing an increase of 60.78 per cent and 74.36 per cent 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 N8,535.61 billion representing 82.50 per cent of total exports while the value of non-crude oil exports stood at N1.81tn accounting for 17.50 per cent of total exports; of which non-oil products contributed N677.57bn or 6.55 per cent of total exports.
“On the other hand, the share of total imports accounted for 44.98 per cent of total trade in the third quarter of 2023 with the value of imports amounting to N8.46tn in Q3, 2023.
“This value indicates an increase of 47.70 per cent and 33.33 per cent respectively over the value (N5.73tn) and (N6.34tn) recorded in the preceding and the corresponding quarters of 2022.”
The country’s trade balance was N1.89 trillion. The greatest exports from Nigeria were recorded by Spain (N1.27tn), India (N1.02tn), the Netherlands (N988.66bn), Indonesia (N758.59bn), and France (N720.45). In total, shipments to the top five nations accounted for 45.98% of total export value.
China (N1.97tn), Belgium (N996.65bn), India (N802.07bn), Malta (N561.37bn), and the United States of America (N502.92bn) were the top five importers, accounting for N4.84tn or 57.18% of total imports.
In its quarterly report on exports, the NBS stated, “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 N8.54tn representing 82.50 per cent this was followed by ‘Natural gas, liquefied’ with N1.02tn accounting for 9.82 per cent, and ‘Urea, whether or not in aqueous solution’ with N109.68bn or 1.06 per cent of total exports.”
On imports, it added, “The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at N1.92tn or 22.71 per cent, ‘Gas oil’ with N736.66bn or 8.71 per cent and ‘Durum wheat (not in seeds)’ with value amounting to N331.76bn or 3.92 per cent of total imports.”
While providing a report on the 2023 budget in the 2024 fiscal framework, the Federal Government revealed that oil production was at around 1.33 million barrels per day, which was lower than the 1.69 million barrels per day forecast for the year. Many issues have plagued the country’s oil output.
The World Bank recently stated that the country’s oil production remains low. According to a recent The PUNCH story, the country’s crude oil output would increase to 1.35 million barrels per day in September 2023.

Source: allnewsng.com

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