Spain tops export destination of Nigerian products in Q4,2022

Spain has retained the number one spot for the destination of Nigeria’s product in the fourth quarter of 2022, a report by the National Bureau of Statistics (NBS) has disclosed. Recall that Nigeria’s total trade in Q4 stood at N11.72tr from which total exports stood at N6.35tr while total imports were N5.36trn. The report titled, […]

Spain has retained the number one spot for the destination of Nigeria’s product in the fourth quarter of 2022, a report by the National Bureau of Statistics (NBS) has disclosed.

Recall that Nigeria’s total trade in Q4 stood at N11.72tr from which total exports stood at N6.35tr while total imports were N5.36trn.

The report titled, Commodity Price Indices and Terms of Trade Q3 2022, stated that Spain, which occupied the same position in the previous quarter after displacing India, exported goods worth N617.17bn, representing 9.70 per cent of total exports.

“The largest exported commodity to Spain was petroleum oils and oils obtained from bituminous minerals, crude worth N383.39bn. This was followed by natural gas worth N218.11bn, urea, whether or not in aqueous solution, N7.31bn and others.”

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“However, on the import; the highest traded commodity during the period under review was mixed alkylbenzenes and mixed alkylnaphthalenes, valued at N18.32bn, gypsum; anhydrite valued at N4.87bn, beverages containing high doses of caffeine (energy drinks) valued at N2.44bn, concentrate of weight not less than 25kg for industrial use, N1.83bn and others were imported from Spain.

The report stated that the Netherlands was second with trade valued at N574.55bn accounting for 9.03 per cent of total export.

It explained that major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude worth N517.65bn was sold to the country followed by superior quality cocoa beans N43.91bn and standard quality cocoa beans worth N3.91bn.

“However, the import was valued at N365.28bn billion during the period under review. The main commodities imported were motor spirit, ordinary, worth N304.68bn, other products, N7.45bn and herrings and frozen meat worth N5.84bn.

“India which fell to third on the list after occupying second and first position in Q3 and Q2 2022, respectively, accounted for 7.71 per cent (N490.45bn) of total exports in Q4.

“The largest exported commodity to India was petroleum oils and oils obtained from bituminous minerals, crude valued at N420.88bn. This was followed by urea, whether or not in aqueous solution N31.19bn and natural gas N17.09bn.

“On the other hand, Nigeria’s imports from India indicate that imported motorcycles and cycles fitted with an auxiliary motor, petrol fuel, capacity ranked highest with a value of N33.92bn, this was followed by kerosine type jet fuel, N33.14bn, gas oil N25.79bn, motor spirit, ordinary, N24.80bn, were imported from India during the period under review.”

Similarly, exports to France were valued at N489.82bn or 7.7 per cent of total exports and it was largely dominated by exports of petroleum oils and oils obtained from bituminous minerals, crude, N441.73bn, natural gas N21.98bn, urea N15.38bn and others.

On the other hand, Nigeria imported woods worth N175.52bn with the largest import commodity from France was Motor spirit, ordinary (N114.07 billion).

“Other, casing, tubing not of stainless steel of a kind used in drilling for oil or gas: (N3.25 billion), petroleum oils or oils obtained from bituminous minerals: Other (N3.18 billion) and others.”

Indonesia was the last on the top five export destinations of Nigerian goods In Q4 2022, with goods worth N473.27bn accounting for 7.44 per cent of total export.

“Major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals; crude (N462.67bn), superior quality cocoa beans (N7.99 billion) and standard quality cocoa beans (N1.86bn).

“However, total imports from Indonesia were valued at N38.83bn. The main commodities imported were paper and paperboard weighing 40g/m2 or more but not more than 150g/m2, N5.64bn, seasoning powder in packings of not less than 25kg (N4.16bn) and hydrogenated vegetable fats, not further prepared, N3.45bn.”