BUSINESS

Total Import To Nigeria Drops By 25.83% In Q1 2023- NBS

 

The National Bureau of Statistics (NBS) has disclosed that the value of total imports into Nigeria stood at N5.56trillion in the first quarter of 2023 (Q1 2023), a decline of 25.83 per cent compared to the N7.5trillion recorded in the corresponding quarter of 2022.

The bureau in its report titled “Foreign Trade in Goods Statistics”, disclosed that the value of imports of agricultural goods in Q1 2023 stood at N471.39 billion showing an increase of 5.97per cent and 6.32 per cent compared to the value recorded in the Q1 2022 (N444.82 billion) and in the corresponding quarter of 2022 (N443.36 billion) respectively.

The report said: “The value of raw material imports stood at N555.47 billion in Q1, 2023. This value fell by 0.68 per cent compared to the value in Q4, 2022 (N559.25 billion) but rose by 3.15 per cent compared to the value recorded in Q1, 2022 (N538.53 billion).

“The value of solid minerals imports in the first quarter of 2023 stood at N44.83 billion, this value was 31.38per cent higher than the value recorded in Q4, 2022 (N34.12 billion) and 9.10per cent higher than the value recorded in Q1, 2022 (N41.09 billion).

“The value of energy goods imports stood at N0.07 billion in Q1, 2023 while the value recorded in the fourth quarter of 2022 and the corresponding period of 2022 were N0.001 billion and N0.03 billion respectively.

“The value of imported manufactured goods in the quarter under review stood at N2,396.23 billion showing a decline of 2.11% compared to the value recorded in Q4, 2022 (N2,447.76 billion) and by 19.38% compared to the value recorded in Q1, 2022 (N2,972.38 billion).

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“The value of other oil products imports in Q1 2023 stood at N2,091.89 billion indicating an increase of 11.46% from the value recorded in Q4, 2022 (N1,876.87 billion) but the value decreased by 40.24% when compared to the value recorded in the corresponding quarter of 2022 (N3,500.31billion).”

On export, the report by NBS disclosed that value of total exports in Q1, 2023 stood at N6,487.04 billion indicating an increase of two per cent when compared with the value of exports in Q4, 2022 (N6,359.61 billion) but decreased by 8.66per cent when compared with the Q1 2022 (N7,102.11billion).

“The value of agricultural goods exports stood at N279.64 billion in Q1 2023, this shows an increase of 63.92 per cent and 38.72 per cent compared to the value recorded in Q4 2022 (N170.59 billion) and Q1 2022 (N201.59 billion) respectively.

“The value of raw material goods exports in Q1, 2023 was valued at N199.89 billion showing a decrease of 5.17 per cent and 22.96 per cent when compared to the value recorded in Q4, 2022 (N210.78 billion) and Q1 2022 (N259.48 billion) respectively,” the report added.

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