Nigeria’s Imports Fall By 25.8 Per Cent Year-On-Year
Due to cash scarcity triggered by naira redesign implementation, the Nigeria’s total imports fell by 25.83 percent in the first quarter (Q1) of 2023, from N7.5 trillion recorded in Q1 ‘2022 to N5.56 trillion. However, the figure recorded last quarter was higher than the N5.36 trillion recorded in quarter four of last year.
According to a report from the National Bureau of Statistics (NBS), in its foreign trade in goods, said that Nigeria’s total trade in the first quarter of 2023 stood at N12.05 trillion, with exports estimated at N6.49 trillion while imports were valued at N5.56 trillion.
The report also noted that the total exports increased in the first quarter by two per cent but declined by 8.66 per cent when compared to the amount recorded in the fourth quarter of 2022.
“The value of re-exports in the quarter under review stood at N32.17 billion, representing 0.5 per cent of total exports.
It further stated, “Data available shows that the top five re-export destinations were Cameroun, Ghana, Equatorial Guinea, United Kingdom and Liberia while the most re-exported commodity was 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 8,905 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 the first quarter, the top export destinations were the Netherlands with N837.65 billion or 12.91 per cent, the United States with N579.35 billion or 8.93 percent and Spain with N488.17 billion or 7.53 percent. France followed with N487.34 billion or 7.51 percent while India was fifth with N456.69 billion or 7.04 per cent of total exports.
Mainwhile in terms of imports, China, the Netherlands, Belgium, India and the U.S. were the top five countries of origin of imports to Nigeria in the first quarter of 2023. The values of imports from the top five countries amounted to N3.1 trillion, representing a share of 55.78 per cent of the total value of imports, according to NBS.