In the first quarter of 2023, the All-Commodity Group Import Index increased by 0.16 per cent points on average, according to the report released by the National Bureau of Statistics
NBS said the increase can be “attributed to the changes in import prices mainly in the price of “Animal and vegetable fats and oils and other cleavage prod”, “Vehicles, aircraft and parts thereof; vessels etc”
Similarly, the All-Commodity Group Export price index increased by 0.05 per cent points in Q1 2023.
NBS said the increase was “majorly attributed to changes in the prices of “Papermaking material; paper and paperboard, articles”, “Boilers, machinery and appliances; parts thereof”, Miscellaneous manufactured articles and “Wood and articles of wood, wood charcoal and articles.”
The major export markets of Nigeria in Q1, 2023 were: The Netherlands, the United States of America, Spain, France, and Indonesia.
The Netherlands
Exports to The Netherlands recorded the largest exports from Nigeria in Q1 2023. The value of exports stood at (₦837.65 billion), representing 12.90% of total exports during the quarter under review.
The largest exported commodity was “Petroleum oils and oils obtained from bituminous minerals, crude’’ (₦778.19 billion) while the largest imported commodity was “Motor spirit, ordinary, valued at ₦472.04 billion,
Other exports to The Netherlands are Superior quality Cocoa beans worth ₦28.51 billion, other petroleum gases etc in gaseous state valued at ₦18.87 billion and others.
Whereas other imports were Gas oil valued at ₦17.31 billion, Other lubricating oils meant to be mixed further” valued at ₦17.22 billion, With precious metal or precious metal compounds as the active substance (₦6.14 billion) and others.
The USA
Nigeria’s export trade to the US in Q1 2023 was valued at ₦579.35 billion accounting for 8.93 per cent of total export while total imports from the US were valued at ₦283.94 billion during the period under review
Top export commodities to the US are “Petroleum oils and oils obtained from bituminous minerals, crude (₦517.98 billion), Other petroleum gases etc in gaseous state (₦26.89 billion) and Urea, whether or not in aqueous solution (₦9.55 billion),” according to NBS.
The main commodities imported from the US were Used Vehicles, with diesel or semidiesel engines, of cylinder capacity >2500cc worth ₦59.53 billion, Durum wheat (Not in seeds) (₦29.21 billion), Motor spirit, ordinary, (₦16.47 billion).
Spain
Export trade to Spain stood at ₦488.17 billion accounting for 7.53% of total exports. The largest export commodity to Spain was “Petroleum oils and oils obtained from bituminous minerals, crude’’ worth ₦243.20 billion. This was followed by Natural gas valued at ₦226.56 billion and Urea, whether or not in aqueous solution valued at ₦7.58 billion and others.
On the other hand, Motor spirit ordinary ranked highest with a value of ₦49.43 billion.
France
According to NBS, the total exports to France were valued at ₦487.34 billion or 7.51% of total exports in the period under review. Export to France was largely dominated by Petroleum oils and oils obtained from bituminous minerals, crude worth ₦463.61 billion.
Total imports from France stood at N99.87 in Q1 2023. The largest imported commodity from France was Motor Spirit, ordinary valued at ₦44.32 billion.
Indonesia
Nigeria’s export trade to Indonesia stood at ₦456.69 billion accounting for 7.04% of total export. Major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals; a crude worth ₦442.58 billion. Other exports are “superior quality Cocoa beans with ₦9.74 billion and Standard quality Cocoa beans valued at ₦2.23 billion.” While total imports from Indonesia were valued at ₦33.94 billion.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.