By Adedapo Adesanya
Nigeria recorded a trade surplus of N6.45 trillion in the second quarter of 2024, the latest data from the National Bureau of Statistics (NBS) shows.
A trade surplus occurs when the value of a nation’s exports exceeds its imports. If the import outweighs the export, it is a deficit.
According to the Q2 2024 Foreign Trade in Good Statistics Q2 2024 report, the value of Nigeria’s total imports stood at N12.47 trillion during the period under review while the total exports were valued at N19.4 trillion.
The import data indicated a decrease of 10.71 per cent compared with the value of N13.97 trillion recorded in
Q1, 2024 and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023, which was N6.3 trillion.
Export-wise, at N19.42 trillion, this reflected a 1.31 per cent increase compared to N19.18 trillion in Q1 2024 and a 201.76 per cent rise compared to N6,435.13 billion in Q2 2023.
In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, the United States of America, and The Netherlands.
The most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes and Cane sugar meant for sugar refineries while its top export destinations were Spain, the US, France, India, and The Netherlands.
The most exported commodities included crude oil, liquefied natural gas, and other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
Between April and June, the value of agricultural goods imported in Q2 2024 was N893.25 billion, reflecting a decrease of 2.96 per cent when compared to N920.54 billion in Q1 2024, and an increase of 96.4 per cent compared to N454.85 billion in Q2 2023.
In Q2 2024, raw material imports were valued at N1,48 trillion, representing a 0.96 per cent increase from N1.47 trillion in Q1 2024 and a significant rise of 160.9 per cent from N567.80 billion in Q2 2023 and solid mineral imports were valued at N96.80 billion, a 35.6 per cent increase from N71.38 billion in the preceding quarter and a 206.1 per cent increase from N31.63 billion in Q2 2023.
In the reviewed quarter, the value of imported manufactured goods was N5.6. trillion, reflecting a 2.8 per cent decline from N5.7 trillion in Q1 2024 and an 84.7 per cent rise from N3.0 trillion in Q2 2023.
Meanwhile, the value of other oil products imports in Q2, 2024 stood at N4.4 trillion showing a decrease of 23.3 per cent from N5,772.35 billion in Q1 2024 and a 98.6 per cent rise from N2.2 trillion in Q2 2023.
For exports, the total value of agricultural goods that Nigeria sent to other countries in Q2 2024 amounted to N973.69 billion, a 5.9 per cent decrease from N1.04 trillion in the preceding quarter of the year and a 246.7 per cent rise from N280.87 billion in Q2 2023.
The value of raw material exports in Q2 2024 was N366.91 billion, a rise of 4.01 per cent from N352.75 billion in Q1 2024 and by 151.9 per cent from N145.62 billion in the same period last year while solid mineral exports were valued at N58.56 billion, a 7.7 per cent decrease from N63.41 billion in Q1 2024 and a 71.8 per cent rise from N34.09 billion in Q2 2023.
The value of manufactured goods exports in Q2 2024 was N480.82 billion, reflecting a 78.9 per cent increase versus N268.70 billion in Q1 2024 and a 126.7 per cent increase from N212.14 billion in Q2 2023 while crude oil exports in Q2 2024 were valued at N14.6 trillion, a decrease of 5.9 per cent compared to N15.5 trillion in Q1 2024 and increased by 190.9 per cent from N5.00 trillion in Q2 2023.
Other oil product exports in Q2 2024 stood at N2.9 trillion, showing an increase of 53.3 per cent from N1.9 trillion in Q1 2024 and a 293.5 per cent rise from N740.74 billion in Q2 2023.