Home » News: Netherlands Emerges as Nigeria’s Largest Export Market, overtakes India as China Excluded from Top 10 Trading Partners”

News: Netherlands Emerges as Nigeria’s Largest Export Market, overtakes India as China Excluded from Top 10 Trading Partners”

by Atqnews
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The National Bureau of Statistics (NBS) has unveiled the trade figures for the second quarter of 2023, revealing a total trade volume of N12.74 trillion.

According to legit.ng, this represents a slight uptick from the N12.04 trillion recorded in the preceding quarter (January to March) of the same year.

However, it falls short of the N12.84 trillion trade performance reported in the second quarter of 2022.

A closer look at Nigeria’s Q2 trade report reveals that total exports for the second quarter of 2023 reached N7.01 trillion, while total imports stood at N5.72 trillion. This data indicates an 8.5% increase in exports during Q2 2023 compared to the N6.48 trillion recorded in the first quarter of the same year. Nevertheless, the Q2 2023 export figure remains 5.20% lower than the N7.40 billion achieved during the corresponding quarter in 2022.

READ: Africa: Nigeria’s Exports to the UK Reach £3.3 Billion in June 2023, Strengthening Trade and Investment Opportunities

The spotlight of Nigeria’s exports in the second quarter of 2023 was on petroleum oils and oils derived from bituminous minerals, specifically crude oil, accounting for N5.58 trillion or 79.63% of total exports. Following closely was ‘Natural gas, liquefied’ with N639.37 billion, making up 9.11% of exports, and ‘Urea, whether or not in aqueous solution,’ contributing N81.21 billion or 1.16% of the total.

In terms of trade partners, the top 10 countries conducting business with Nigeria during the second quarter of 2023 include the Netherlands, South Korea, Spain, India, Italy, Turkey, France, United Kingdom, United States, and Canada.

Notably, the Netherlands has ascended to the position of Nigeria’s largest export market, overtaking India, which held the top spot in the second quarter of 2022. This shift underscores the evolving dynamics of global trade and Nigeria’s diversifying export destinations. India, while no longer the leading market, remains a significant trading partner, reflecting a 61% increase in trade exports from N463.30 billion in Q2 2022 to N1.09 trillion in Q2 2023.

READ: News: AfritradeB2B to serve as a catalyst to increase volume of trade within West Africa sub-region

Intriguingly, China, once a prominent destination for Nigerian products, including crude oil, has vanished from the list of top export destinations. This change can be attributed to China’s increased reliance on Russia for its crude oil requirements, altering the trade landscape in the process.

Additionally, a separate report reveals that Nigeria achieved a remarkable N21.09 trillion in crude oil sales in 2022, marking a substantial 46.41% surge compared to the N14.41 trillion reported in 2021. This impressive performance underscores the pivotal role of crude oil exports in Nigeria’s international trade portfolio, representing nearly 79% of total exports in 2022.

These trade statistics reflect the dynamic nature of Nigeria’s global economic engagements, with shifting trade patterns and emerging markets. As the nation continues to navigate the intricate world of international commerce, the diversification of trading partners and products remains pivotal for sustained economic growth and stability.

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News: Netherlands Emerges as Nigeria’s Largest Export Market, overtakes India as China Excluded from Top 10 Trading Partners”

by Atqnews
0 comment

The National Bureau of Statistics (NBS) has unveiled the trade figures for the second quarter of 2023, revealing a total trade volume of N12.74 trillion.

According to legit.ng, this represents a slight uptick from the N12.04 trillion recorded in the preceding quarter (January to March) of the same year.

However, it falls short of the N12.84 trillion trade performance reported in the second quarter of 2022.

A closer look at Nigeria’s Q2 trade report reveals that total exports for the second quarter of 2023 reached N7.01 trillion, while total imports stood at N5.72 trillion. This data indicates an 8.5% increase in exports during Q2 2023 compared to the N6.48 trillion recorded in the first quarter of the same year. Nevertheless, the Q2 2023 export figure remains 5.20% lower than the N7.40 billion achieved during the corresponding quarter in 2022.

READ: Africa: Nigeria’s Exports to the UK Reach £3.3 Billion in June 2023, Strengthening Trade and Investment Opportunities

The spotlight of Nigeria’s exports in the second quarter of 2023 was on petroleum oils and oils derived from bituminous minerals, specifically crude oil, accounting for N5.58 trillion or 79.63% of total exports. Following closely was ‘Natural gas, liquefied’ with N639.37 billion, making up 9.11% of exports, and ‘Urea, whether or not in aqueous solution,’ contributing N81.21 billion or 1.16% of the total.

In terms of trade partners, the top 10 countries conducting business with Nigeria during the second quarter of 2023 include the Netherlands, South Korea, Spain, India, Italy, Turkey, France, United Kingdom, United States, and Canada.

Notably, the Netherlands has ascended to the position of Nigeria’s largest export market, overtaking India, which held the top spot in the second quarter of 2022. This shift underscores the evolving dynamics of global trade and Nigeria’s diversifying export destinations. India, while no longer the leading market, remains a significant trading partner, reflecting a 61% increase in trade exports from N463.30 billion in Q2 2022 to N1.09 trillion in Q2 2023.

READ: News: AfritradeB2B to serve as a catalyst to increase volume of trade within West Africa sub-region

Intriguingly, China, once a prominent destination for Nigerian products, including crude oil, has vanished from the list of top export destinations. This change can be attributed to China’s increased reliance on Russia for its crude oil requirements, altering the trade landscape in the process.

Additionally, a separate report reveals that Nigeria achieved a remarkable N21.09 trillion in crude oil sales in 2022, marking a substantial 46.41% surge compared to the N14.41 trillion reported in 2021. This impressive performance underscores the pivotal role of crude oil exports in Nigeria’s international trade portfolio, representing nearly 79% of total exports in 2022.

These trade statistics reflect the dynamic nature of Nigeria’s global economic engagements, with shifting trade patterns and emerging markets. As the nation continues to navigate the intricate world of international commerce, the diversification of trading partners and products remains pivotal for sustained economic growth and stability.

You may also like

Leave a Comment

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