The National Bureau of Statistics, NBS, today said the country recorded a N1.4 trillion trade deficit in the fourth quarter of 2023 (Q4’23).

The bureau disclosed this in its Trade Balance Report for Q4’23.

According to NBS, the value of exports stood at N12.69 trillion while imports was N14.1 trillion.

NBS said:” In the fourth quarter of 2023, Nigeria’s total merchandise trade stood at ₦26.8 trillion in Q4’23, indicating an increase of 38.24 percent over the value recorded in Q3’23 and by 128.64 percent when compared to the value recorded in Q4’22.

“The disaggregation of total trade reveals that exports stood at ₦12.69 trillion while imports were valued at ₦14.1 trillion.

“Further analysis reveals that 47.36 percent of total trade was attributed to export trade in Q4’23.

‘Export in the fourth quarter of 2023 was dominated by crude oil valued at ₦10.31 trillion representing 81.23 percent of total exports while the value of non-crude oil exports stood at ₦2.38 trillion or 18.77 percent of total exports of which non-oil products contributed ₦1.09 trillion representing 8.63 percent.

“On the other hand, total imports stood at ₦14.1 trillion in Q4’23, indicating an increase of 56.04 percent and 163.08 percent over the value recorded in the preceding quarter and the corresponding period of 2022 respectively.

“The share of imports of total trade in the fourth quarter of 2023 accounted for 52.64 percent of total trade, resulting in a negative trade balance of ₦1.41 trillion.

“In the fourth quarter of 2023, Nigeria imported goods mainly from Asia, valued at ₦9.45 trillion representing 66.9 percent of total imports.

“This was followed by imports from Europe with ₦3.4 trillion or 24.3 percent, America with ₦954.99 billion or 6.77 percent, Africa with ₦241.83 billion or 1.72 percent and Oceania with ₦27.06 billion or 0.19 percent Imports from ECOWAS countries accounted for ₦32.74 billion or 0.23 percent of the value of total imports.”