Nigeria’s strong export performance, particularly in crude oil, helped the country’s trade surplus to reach N6.95 trillion in the second quarter of 2024, up 6.60% from the previous quarter.
Despite a slight decline in overall merchandise trade, the nation’s export sector continued to drive economic growth.
Nigeria’s total goods trade in Q2 2024 was recorded at N31.89 trillion by the National Bureau of Statistics (NBS). This figure represents a notable 150.39% rise over the same time in 2023, but a 3.76% reduction from the previous quarter.
Exports, which accounted for 60.89% of total trade and reached N19.42 trillion, were crucial. This represented an increase of 1.31% from Q1 2024 and a significant 201.76% increase from Q2 2023. The largest portion of exports, N14.56 trillion, or 74.98%, came from the sale of crude oil, with non-crude oil exports coming in at N4.86 trillion.
At N2.01 trillion in products received (10.34% of total exports), Spain became Nigeria’s biggest export destination in Q2 2024. The United States and France were the next two largest importers, with the United States coming in at 9.56% and N1.86 trillion, respectively. Another two of the top export partners were India (N1.65 trillion) and the Netherlands (N1.38 trillion).
Imports, on the other hand, declined to N12.47 trillion in Q2 2024, representing a 10.71% decrease from the previous quarter but a 97.93% increase compared to Q2 2023.
With N3.03 trillion in products supplied by China (24.29% of total imports), China continued to be Nigeria’s top import supplier. Moreover, the United States (N917.84 billion), Belgium (N1.79 trillion), India (N1.06 trillion), and the Netherlands (N585.30 billion) were substantial import partners.
Maritime transport dominated both exports (99.14%) and imports (94.94%) in Q2 2024, highlighting the crucial role of Nigeria’s seaports in facilitating international trade. Air and road transport played a relatively minor role in comparison. – Nairametrics.
