The National Bureau of Statistics (NBS) has reported a significant trade surplus of N6.94 trillion for Nigeria in the second quarter of 2024 (Q2 2024).
According to the NBS report, “Nigeria Gross Domestic Product Q2 2024,” the country’s export value stood at N19.4 trillion, while imports totaled N12.4 trillion.
The total merchandise trade for Q2 2024 reached N31.8 trillion, representing a 3.76% decline from the previous quarter, but a substantial 150.39% increase from Q2 2023.
The report states that exports accounted for 60.89% of total trade, valued at N19.418.93 trillion, showing a 1.31% increase from Q1 2024 and a 201.76% rise from Q2 2023.
Crude oil exports dominated Nigeria’s exports, valued at N14.559.56 trillion (74.98% of total exports), while non-crude oil exports stood at N4.859.37 trillion (25.02% of total exports). Non-oil products contributed N1.944.25 trillion (10.01% of total exports).
On import, NBS said the value of total imports stood at ₦12.473.53 trillion in the second quarter of 2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (₦13.970.05 trillion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (₦6.301.95 trillion).
In the second quarter of 2024, according to NBS, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.
It said the most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes, and Cane sugar meant for sugar refinery.
The report added that the value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96% when compared to ₦920.54 billion in Q1 2024, and an increase of 96.38% compared to ₦ 454.85 billion in Q2 2023.
NBS said in Q2 2024, raw material imports were valued at ₦1.481.50 trillion, representing 0.96% increase from ₦1.467.41 trillion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023.
It further said in the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61% increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023.
In the reviewed quarter, according to NBS, the value of imported manufactured goods was ₦5.576.67 trillion, reflecting a 2.82% decline from ₦5.738.32 trillion in Q1 2024 and an 84.67% rise from ₦3.019.78 trillion in Q2 2023.
NBS said: “The value of other oil products imports in Q2, 2024 stood at ₦4.425.31 trillion showing a decrease of 23.34% from ₦5.772.35 trillion in Q1 2024 and a 98.64% rise from ₦2,227.84 trillion in Q2 2023.”
On exports, NBS said total exports in Q2 2024 were valued at ₦19.418.93 billion, reflecting a 1.31% increase compared to ₦19.167.36 trillion in Q1 2024 and a 201.76% rise compared to ₦6.435.13 trillion in Q2 2023.
The report also said in Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands.
The most exported commodities, said NBS, included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
The report said exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a 5.93% decrease from ₦1,035.02 billion in Q1 2024 and a 246.67% rise from ₦280.87 billion in Q2 2023.
NBS said the value of raw material exports in Q2 2024 was ₦366.91 billion, a rise of 4.01% from ₦352.75 billion in Q1 2024 and by 151.96% from ₦145.62 billion in Q2 2023.
It said the Solid mineral exports in Q2 2024 were valued at ₦58.56 billion, marking a 7.65% decrease from ₦63.41 billion in Q1 2024 and a 71.79% rise from ₦34.09 billion in Q2 2023.
NBS said the value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95 % increase from ₦268.70 billion in Q1 2024 and a 126.65% increase from ₦212.14 billion in Q2 2023
The report reads in part: “Crude oil exports in Q2 2024 were valued at ₦14.559.56 trillion, a decrease of 5.99% from ₦15.486.63 trillion in Q1 2024 and increased by 190.86% from ₦5,005.71 billion in Q2 2023.
“Other oil product exports in Q2 2024 stood at ₦2.915.12 trillion, showing an increase of 53.28% from ₦1.901.88 trillion in Q1 2024 and a 293.54 % rise from ₦740.74 trillion in Q2 2023.”
