The value of international commerce has decreased overall by N2.55 trillion as a result of decreasing exports from Nigeria over the past year. According to the National Bureau of Statistics’ latest report on foreign trade statistics, the overall value of trade dropped from N14.6 trillion in the first quarter of 2022 to N12.05 trillion in Q1 2023.
Nigeria imported $5.56 trillion and exported $6.49 trillion in Q1 2023, demonstrating a trade surplus of $930 billion, the research states. The report stated that the value of total imports in the first quarter of 2023 was N5.56 trillion, an increase of 3.67 percentages compared to the value recorded in Q4, 2022 (N5.36 trillion), but a fall of 25.83 % compared to the value recorded in the corresponding quarter of 2022 (N7.5tn).
According to the report, there was a decrease in the value of imports and exports. The value of exports decreased by 8.66 per cent from N7.1tn in Q1 2022 to N6.49tn in Q1 2023.
It was also disclosed that there was a decline in the exports of manufactured goods, crude oil, oil products, energy goods, and raw materials goods in Q1 2023.