Nigeria’s trade surplus rises to N6.95trn in Q2 2024
Nigeria has recorded a trade surplus of N6.95 trillion in the second quarter of 2024, showing a strong export performance.
The surplus represents a 6.60 per cent increase from the previous quarter, which recorded a surplus of N6.52 trillion.
The nation’s total merchandise trade in the second quarter of 2024 was N31.89 trillion, representing a 3.76 per cent decline compared to the first quarter 2024 but representing a 150.39 per cent rise from the corresponding period of 2023.
The recent data released by National Bureau of Statistics (NBS) on Wednesday showed that total export stood at N19.42 trillion in the second quarter of the year, accounting for 60.99 per cent of the Nigeria’s total trade.
The amount represents a 1.31 per increase compared with N19.17 trillion in the first quarter and a growth of 201.76 per cent from N6.44 trillion recorded in the second quarter of 2023.
The report showed that crude oil dominated Nigeria’s export, contributing N14.56 trillion, indicating 74.98 per cent of the entire export.
On the contrary, non-crude oil exports which valued at N4.86 trillion contributed 25.02 per cent of the total export value, with non-oil products contributing N1.94 trillion.
Further analysis of the traded report showed that Nigeria’s top export destinations were dominated by European and American countries while Spain took position as the largest export partner, recording goods valued at N2.01 trillion, with 10.34 per cent of Nigeria’s total exports.
The report showed that United States followed with N1.86 trillion or 9.56 per cent, while France imported N1.82 trillion worth of Nigerian goods, representing 9.37 per cent of total exports.
Other Nigeria export partners include India which has export of N1.65 trillion or 8.50 per cent and the Netherlands N1.38 trillion or 7.10 per cent.
The NBS merchandize trade report showed that the top five export partners contributed 44.87 per cent of Nigeria’s total exports during the second quarter of 2024.
