Nigeria’s foreign trade statistics report for the first quarter of 2024 reveals a significant trade surplus of N6.52 trillion.
This marks a remarkable recovery from the N1.41 trillion trade deficit recorded in the previous quarter (Q4 2023) and the N927.2 billion surplus in the same period (Q1) of 2023.
The trade surplus for Q1 2024 is a record high, according to data dating back to 2009.
The report, published by the National Bureau of Statistics (NBS), highlights an impressive economic performance, driven by a substantial increase in exports.
Additionally, the record surplus is fueled by exchange rate depreciation, resulting in a higher trade surplus in naira terms than any other period in history.
Below are the top ten most traded product categories in Nigeria in Q1 2024:
10. Textiles and Textile Articles
Textiles and textile articles are the tenth most traded product category in Nigeria in Q1 2024, with a total trade value of N186.94 billion.
- The total trade increased from N73.14 billion recorded in Q1 2023 by 155.61% and N134.48 billion in Q4 2023 by 39.01%.
- The import value for textiles and textile articles stands at N178.45 billion, indicating a significant reliance on imported textile products.
- Exports in this category are minimal, amounting to only N8.49 billion in Q1 2024.
- The trade balance for textiles and textile articles is highly negative, at N169.95 billion, highlighting a substantial trade deficit in this category.
9. Live Animals and Animal Products
Live animals and animal products rank ninth, with a total trade value of N259.11 billion.
- The total trade increased from N128.21 billion recorded in Q1 2023 by 102.10% and N188.38 billion in Q4 2023 by 37.55%
- Nigeria imported N240.56 billion worth of live animals and animal products, while its exports were significantly lower at N18.55 billion million in Q1 2024.
- This category also shows a negative trade deficit of N222.01 billion, indicating that Nigeria imports considerably more animal products than it exports.
8. Plastic, Rubber, and Articles Thereof
The eighth position is occupied by plastic, rubber, and articles thereof, with a total trade value of N730.71 billion in Q1 2024.
- The total trade increased from N236.96 billion recorded in Q1 2023 by 208.37% and N459.25 billion in Q4 2023 by 59.11%.
- Imports in this category are valued at N700.25 billion, whereas exports are quite low at N30.46 billion in Q1 2024. This category has a negative trade balance of N669.8 billion, showing a heavy dependence on imported plastic and rubber products.
7. Base Metals and Articles of Base Metals
Base metals and articles of base metals are the seventh most traded product category, with a trade total of N772.77 billion.
- The total trade increased from N257.68 billion recorded in Q1 2023 by 199.89% and N434.65 billion in Q4 2023 by 77.79%.
- The import value is N590.2 billion, and the export value is N182.57 billion in Q1 2024.
- The trade deficit for this category is N407.62 billion, reflecting a higher import volume compared to exports.
6. Vehicles, Aircraft, and Parts Thereof, and Vessels
In the sixth position, vehicles, aircraft, and parts thereof, and vessels have a total trade value of N858.47 billion.
- The total trade increased from N429.30 billion recorded in Q1 2023 by 99.97% and decreased from N5.75 trillion in Q4 2023 by 85.06%.
- Nigeria imported N850.63 billion worth of these products, while exports were very low at N7.85 billion. In Q1 2024
- The trade balance is significantly negative at N842.78 billion, indicating a substantial trade deficit in this category.
5. Prepared Foodstuffs, Beverages, Spirits, Vinegar, and Tobacco
Prepared foodstuffs, beverages, spirits, vinegar, and tobacco rank fifth, with a total trade value of N1.16 trillion.
- The total trade increased from N391.84 billion recorded in Q1 2023 by 195.10% and N751.81 billion in Q4 2023 by 53.80%.
- Imports in this category amount to N683.48 billion, while exports are N472.82 billion in Q1 2024.
- The trade balance is negative at N210.67 billion, suggesting a higher import rate compared to exports.
4. Vegetable Products
Vegetable products are the fourth most traded product category, with a trade total of N1.28 trillion.
- The total trade increased from N508.45 billion recorded in Q1 2023 by 151.72% and N788.87 billion in Q4 2023 by 62.24%.
- The import value is N690.33 billion, and the export value is N589.57 billion in Q1 2024.
- The trade balance for vegetable products is slightly negative at N100.77 billion, showing a small trade deficit.
3. Products of the Chemical and Allied Industries
The third position is held by products of the chemical and allied industries, with a total trade value of N1.43 trillion.
- The total trade increased from N585.49 billion recorded in Q1 2023 by 144.61% and N998.59 billion in Q4 2023 by 43.42%.
- Nigeria imported N1.18 trillion worth of these products, while exports were N254.86 trillion in Q1 2024.
- This category has a negative trade balance of N922.45 billion, indicating a significant trade deficit.
2. Boilers, Machinery, and Appliances, and Parts Thereof
Boilers, machinery, and appliances; parts thereof are the second most traded product category, with a trade total of N2.31 trillion.
- The total trade increased from N896.75 billion recorded in Q1 2023 by 157.37% and N1.57 trillion in Q4 2023 by 46.89%.
- The import value in this category is N2.29 trillion, whereas the export value is about N17 billion in Q1 2024.
- The trade deficit is N2.27 trillion, reflecting a major reliance on imported machinery and appliances.
1. Mineral Products
Mineral products are the most traded product category in Nigeria in Q1 2024, with a total trade value of N22.02 trillion.
- The total trade increased from N8.01 trillion recorded in Q1 2023 by 174.87% and N15.07 trillion in Q4 2023 by 46.18%.
- Imports are valued at N4.51 trillion, while exports dominate at N17.51 trillion in Q1 2024.
- The trade balance for mineral products is significantly positive at about N13 trillion, indicating a strong export sector and a substantial trade surplus in this category.