NBS: Nigeria recorded N2.2trn trade surplus in first half of 2023

The National Bureau of Statistics (NBS) says Nigeria recorded a N2.22 trillion trade surplus between January and June of 2023.

The bureau stated this in its recent foreign trade report for the second quarter (Q2) of 2023.

In the first half of the year, according to the bureau, Nigeria’s exports totalled N13.5 trillion and total imports stood at N11.3 trillion — which gives a trade surplus of N2.22 trillion.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.

On foreign trade for Q1 2023, the NBS said total exports were N6.49 trillion, and imports value was N5.56 trillion.

The nation’s total trade was N12.05 trillion in Q1 — higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.

In Q2 2023, the country’s entire trade stood at N12.7 trillion. This is 5.3 percent higher than the value recorded in the previous quarter, with total exports at N7.02 trillion and imports amounting to N5.73 trillion.

‘Total exports increased by 8.15% when compared to the amount recorded in the first quarter of 2023 (N6,487.04 billion) but declined by 5.20% compared to the corresponding quarter in 2022 (N7,400.89 billion),” the report reads.

“Likewise, in the period under review, total imports increased by 2.99% compared to the value recorded in the first quarter of 2023 (N5,559.88 billion) but declined by 10.37% when compared to the value recorded in the corresponding quarter of 2022 (N6,388.51 billion).”

The NBS said the balance of trade in Q2 2023 was N1.29 trillion.

A breakdown of the agency’s report shows that the top five export destinations in Q2, 2023 were the Netherlands with N788.85 billion (11.24 percent), and the United States of America attracting N718.63 billion (10.24 percent).

Indonesia followed with a share of N550.18 billion (7.84 percent), France got N540.73 billion (7.71 percent) and Spain attracted N504.45 billion (7.19 percent) of total exports.

“Altogether, exports to the top five countries amounted to 44.23% of the total value of exports,” the NBS added.

“The largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63% this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11%, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16% of total exports.”

In terms of imports in Q2 2023, the top five partner countries of origin to Nigeria were “China N1.3 trillion billion (22.17 %), the United States of America N921.45 billion (16.09 %), Belgium N460.43 billion (8.04%), India N417.77 billion ( 7.30 %) and The Netherlands N369.69 billion (6.46 %)”.

The bureau stated that the value of imports from the top five countries amounted to N3.44 trillion representing a share of 60.05 percent of total imports.

NBS added that “the commodities with the largest values of imported products” were motor spirit ordinary (N1.23 trillion or 21.50 percent), used vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc (N733.92 billion or 12.82 percent) and gas oil (N230.83 billion or 4.03 percent).

https://www.thecable.ng/nbs-nigeria-recorded-n2-2trn-trade-surplus-in-first-half-of-2023/amp

This is the koko. When your balance of trade is in surplus, you are on a great economic growth and leap. Nigeria is on a phenomenal forward march. May God continue to bless Nigeria for ever!

By the time the blue economy and mining add to this current export, wow!

My advice is for you, if you are not productively engaged,is to get busy and take advantage of these current opportunities and emerging opportunities.

In this Asiwaju Tinubu-led FG administration there is nothing for lazy, idle, ill-brought up youth who want to spend all day on social media entertainment , cyberbullying, criminal defamation and insulting his father, mother, grandmother, grandfather's age mates.Check my signature for free stuffs!

Just in news

This NBS statistics self..........na so una talk about employment rate coming down last time without the effects till date

Good news I must say.

Trade surplus as a result of surplus rulings from the tribunal

Propaganda, lies & deceit hence has been surplus

Jokers. Tinubu has pocketed all government institutions. See the rubbish propaganda they keep churning out

FreeStuffsNG:
This is the koko. When your balance of trade is in surplus, you are on a great economic growth and leap. Nigeria is on a phenomenal forward march.

By the time the blue economy and mining add to this current export, wow!

My advice is for you, if you are not productively engaged,is to get busy and take advantage of these current opportunities and emerging opportunities. Nothing for lazy, idle youth who want to spend all day on social media entertainment, cyberbullying and criminal defamation.

Check this out

🎶 "the foolish man builds his house upon the sand... 🎶"




Government of propaganda, this story is only for miscreants to digest

Which means there's growth and economic improvement.

N2.2 trade surplus yet the average Nigerian is suffering terribly.

All these profits are deliberately posted by the leaders so that while their gullible followers hail them on empty stomachs, they (the leaders) would share it amongst themselves making it impossible for whatever profit the country makes to have any direct impact on the masses.

NBS is beginning to sound like radio Nigeria
For this country wey we dey?

[I]NBS added that “the commodities with the largest values of imported products” were motor spirit ordinary (N1.23 trillion or 21.50[/i]

If the total value of petrol imported in six months is 1.23trn, it means we spend a paltry 200bn to import fuel in a month. How does this fit into the claim that we spend 400bn to subsidise fuel every month? cc: nairalanda1
NBS no even reason well before they spill their lies.
I can pick so many more holes in this their trade surplus especially with the falling value of naira like an old woman's breast

Trade surplus?

Looks like surplus induced by hardship. Demand for refined petrol has dropped

benuejosh:
Which means there's growth and economic improvement.

I guess you are seeing the growth and economic improvement even down to the lives of your people in the village. Nigerians now have higher disposable income etc

Very good

Forward ever

FreeStuffsNG:
This is the koko. When your balance of trade is in surplus, you are on a great economic growth and leap. Nigeria is on a phenomenal forward march.

By the time the blue economy and mining add to this current export, wow!

My advice is for you, if you are not productively engaged,is to get busy and take advantage of these current opportunities and emerging opportunities.

In this Asiwaju Tinubu-led FG administration othing for lazy, idle youth who want to spend all day on social media entertainment, cyberbullying and criminal defamation.

This is not a sincere take. It isn't at all

Naijanascam:
This NBS statistics self..........na so una talk about employment rate coming down last time without the effects till date

Don't tell us you are already having a running stomach about this development news

This same NBS wey say unemployment na 4% for Nigeria 😒😒

igwebuike01:

Check this out

Who's deceiving you, red mud boy?

Kukutenla:
NBS is beginning to sound like radio Nigeria
For this country wey we dey?


If the total value of petrol imported in six months is 1.23trn, it means we spend a paltry 200bn to import fuel in a month. How does this fit into the claim that we spend 400bn to subsidise fuel every month?
NBS no even reason well before they spill their lies.
I can pick so many more holes in this their trade surplus especially with the falling value of naira like an old woman's breast

if you use your head, you will discover that consumption for fuel reduced from 65 millions to 43 millions per day since May

They have started manipulating nbs.... Same nbs came out that unemployment is now 3%.

How does that improve the life of a common man? That's what Nigerians want to know and see, not some manipulated figures and sensational reporting.

Dey play

igwebuike01:
Jokers. Tinubu has pocketed all government institutions. See the rubbish propaganda they keep churning out

Kukutenla:
NBS is beginning to sound like radio Nigeria
For this country wey we dey?


If the total value of petrol imported in six months is 1.23trn, it means we spend a paltry 200bn to import fuel in a month. How does this fit into the claim that we spend 400bn to subsidise fuel every month? cc: nairalanda1
NBS no even reason well before they spill their lies.
I can pick so many more holes in this their trade surplus especially with the falling value of naira like an old woman's breast

Economics no be ruling for Supreme court ohhhhh!!!!!

ORIENTATION101:
if you use your head, you will discover that consumption for fuel reduced from 65 millions to 43 millions per day since May

Such a bumbling dullard!!
The first half of the year starts from May?
Don't let foreigners see this pls
It's a mockery of our education system

If only NBS knew the damage to its credibility by that 4.1% unemployment nonsense...if only...

On this very thread, comparisons are being drawn between NBS and Radio Nigeria. That isn't a place you ever want to be.

Kukutenla:

Such a bumbling dullard!!
The first half of the year starts from May?
Don't let foreigners see this pls
It's a mockery of our education system

I guess you lived under the rock when fuel scarcity hit Nigeria in the first quarter of the year, plus cbn cash policy that slowed down the economy