This is according to the NBS Foreign Trade in Goods Statistics Report for Q1 2023 released in Abuja on Tuesday.
The NBS said the increase was due to a marginal increase in import and export trade resulting in a positive trade balance.
The report said total imports increased by 3.67 per cent in Q1 2023 compared to the value recorded in Q4 2022 at N5,362.83 billion. The report said the top five re-export destinations were Cameroon, Ghana, Equatorial Guinea, the United Kingdom, and Liberia.It said the most re-exported commodity was vessels and other floating structures for breaking up with N21.07 billion.
The report said the top five export destinations in Q1 2023 were the Netherlands accounting for 12.91 per cent, followed by the USA at 8.93 per cent. It said the commodity with the largest export values in Q1 2023 was petroleum oils and oils obtained from bituminous minerals, crude at N5,148.58 billion representing 79.37 per cent.
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