Netherlands tops Nigeria’s export destination in Q2

A trade report by the National Bureau of Statistics (NBS) has indicated that The Netherlands maintained its lead as the top export destination of Nigerian goods in the second quarter of 2023. The report titled: “Commodity Price Indices and Terms of Trade Q1 2023”, showed the country maintained the position with export trade with N788.8bn […]

A trade report by the National Bureau of Statistics (NBS) has indicated that The Netherlands maintained its lead as the top export destination of Nigerian goods in the second quarter of 2023.

The report titled: “Commodity Price Indices and Terms of Trade Q1 2023”, showed the country maintained the position with export trade with N788.8bn accounting for 11.24 per cent of total export.

Recall that Nigeria’s total trade in Q2 was N12.7trn, with exported goods worth N7trn, while imports stood at N5.7trn.

It stated that the major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude worth N766.3bn with frozen shrimps and prawns worth N4.4bn and mechanically propelled vessels for the transport of goods valued at N4.2bn.

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On the other hand, it said Nigeria imported goods worth N369.6bn from The Netherlands during the period.

The report reads in part: “The main commodity imported was Motor spirit, ordinary worth N262.2bn, this was followed by parts suitable for use solely…other worth N41.4bn and gas oil valued at N10.9bn and others.”

This was followed by the United States of America with goods valued at N718.6bn, representing 10.24 percent of total exports.

It said the largest exported commodity was petroleum oils and oils obtained from bituminous minerals, crude valued at N583.2bn. petroleum gases N61.7bn and urea worth N36.1bn.

On the other side, Nigeria’s largest import from the country was used vehicles, with diesel or semi-diesel engines, of cylinder capacity greater than 2500cc worth N721.7bn, followed by Durum wheat and used vehicles, with diesel or semi-diesel engine, of cylinder capacity greater than 1500 valued at N15.7bn.

Indonesia was third on the list with trade worth N550.1bn representing 7.84 percent of total exports.

The largest exported commodity to Indonesia was petroleum oils and oils obtained from bituminous minerals, crude worth N539.5bn.

This was followed by superior quality cocoa beans worth N5.2bn, standard quality cocoa beans valued at N3.9bn and others.

The report further read: “However, on the import, the highest traded commodity during the period under review was ‘other weighing 40 g/m2 or more but not more than 150 g/m2 valued at N11.7bn, this was followed by hydrogenated vegetable fats not further prepared valued at N8.3bn and seasoning powder in packings of not less than 25 kg valued at N3.53 billion, and others were imported from Indonesia.”

This was followed by France with goods valued at N540.7bn or 7.71 per cent of total exports in the period under review.

Exports to France were largely dominated by: “Petroleum oils and oils obtained from bituminous minerals, crude” N511.9bn, Natural gas N16.2bn, flour and meals of soya beans N10.5bn.”

Nigeria imported goods worth N104.8bn from France with the largest import being motor spirit valued at N47.4bn, followed by malt worth N2.8bn and durum wheat valued at N2.6bn.

Spain was bottom of the list of top five export destinations of Nigerian goods with trade worth N504.4bn accounting for 7.19 percent of total exports.

The largest export commodity to Spain was petroleum oils and oils obtained from bituminous minerals, worth N307.11 billion.

It added that, “This was followed by Natural gas valued at N169.8bn, mechanically propelled vessels for the transport of goods, gross tonnage worth N11bn. On the other hand, the main commodities imported were mixed alkylbenzenes and mixed alkylnaphthalenes worth N15.8bn, motor spirit, valued at N14.91bn gypsum anhydrite, N3.6bn.”