The country achieved a trade surplus of N1.3 trillion, marking a 38% increase from the previous quarter but experiencing a 7.6% YoY decline compared to the same period in 2022.
Total merchandise trade increased by 5.7% quarter-on-quarter, reaching N12.74 trillion in Q2’23 compared to N12.04 trillion in Q1’23. Exports played a major role, rising by 8.15% within the quarter, with crude oil exports accounting for 79.63% of total exports. Non-crude oil exports contributed N1.43 trillion or 20.37% of total exports.
On the import front, there was a 2.9% increase over the previous quarter, totaling N5.72 trillion in Q2’23. However, this value decreased by 10.37% compared to the same period in 2022.
China, the United States, Belgium, India, and The Netherlands were the top five source countries for Nigeria’s imports during this period. China led with N1.26 trillion, constituting 22.17% of the total.
Despite fluctuations in trade balance and the mix of exports and imports, Nigeria’s trade position remains dynamic, reflecting both domestic and global economic conditions.
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