Nigerian foreign trade surplus increased to N6.95tn in the second quarter of 2024 on the back of a strong export performance resulting in a growth in the foreign exchange earnings.
According to the latest foreign trade statistics data by the National Bureau of Statistics, fuel products topped the list of imported goods into the country.
The report further showed, that “The value of other oil products imports in Q2, 2024 stood at N4.425tn showing a decrease of 23.34 percent from N5.772bn in Q1 2024 and a 98.64 percent rise from N2.23tn in Q2 2023.
“The value of total imports stood at N12.47tn in the second quarter of 2024, representing a decrease of 10.71 percent compared with the value recorded in Q1, 2024 (N13.97tn) and a rise of 97.93 percent from the value recorded in the corresponding quarter of 2023 (N6.3tn),”
This surplus, which marks a 6.60 percent increase from the previous quarter, reflects the country’s strong export performance amidst a slight decline in overall merchandise trade.
It said the total merchandise trade in Q2 2024 stood at N31.89tn, representing a 3.76 percent decline compared to the preceding quarter (Q1 2024) but was a 150.39 percent rise from the corresponding period in 2023.
The report read, “The share of total imports accounted for 39.11 percent of total trade in the second quarter of 2024 with the value of imports amounting to N12.47tn in Q2, 2024. This value indicates a decrease of 10.71 percent over the value recorded in Q1 2024 (N13.97tn) and a rise of 97.93 percent compared to the value recorded in Q2.
“The merchandise trade balance in the second quarter of 2024 remained positive at N6.95 trillion, indicating an increase of 33.63 percent compared to the value recorded in the preceding quarter.”
A further breakdown of the report showed that Nigeria’s export sector continues to be the primary driver of its trade surplus. In Q2 2024, total exports stood at N19.42tn, accounting for 60.89 percent of the country’s total trade which represents a 1.31 percent increase from N19.17tn in the first quarter and a 201.76 percent surge from N6.44tn recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56tn, or 74.98 percent of total exports.
Non-crude oil exports, valued at N4.86tn, made up 25.02 percent of the total export value, with non-oil products contributing N1.94tn.
The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance
