Q1 2023 Reports on Top 10 Agriculture Exports
- Posted on June 07, 2023
- Featured
- By PETER AGADA
In a recent report published by the Nigerian government, foreign trade was recorded at N12.05 trillion in Q1 2023 which represented a 17.5% decrease compared to the recorded foreign trade of Q1 2022 which was N14.6 trillion.
The report also shows petroleum worth N1.49 trillion in the review quarter, representing 26.8% of the total import according to the published stats on foreign trade by the National Bureau of Statistics (NBS).
The breakdown of the report showed that imports recorded at N5.56 trillion in Q1 2023, a lit bit higher than the N5.36 trillion and N7.49 trillion recorded in Q4 2022 with a 8.7% decline from N7.1 trillion in Q1 2022.
It also showed that exports in Nigeria increased by 2% to N6.49 trillion in the review quarter from N6.36 trillion recorded in Q4 2022 and an 8.7% decline from N7.1 trillion in Q1 2022.
Top 10 Agriculture Exports for Q1 2023
Superior Quality Cocoa Beans: N84.752 billion.
Sesamum seeds: N67.660 billion.
Cashew Nutes in Shell: N27.180 billion.
Soya Beans (excluding seeds): 24.101 billion.
Standard Quality Cocoa Beans: N17.956 billion.
Cut flowers & flower buds for ornamental purposes: N13.007 billion.
Cashew Nuts Shelled: N6.841 billion.
Frozen shrimps and prawns: N5.126 billion.
Natural cocoa butter: N4.882 billion.
Ginger, crushed or ground: N4.635 billion.
Agricultural exports to Asia were N172.9 billion, agricultural exports to Europe totaled N85 billion, while agricultural exports to Africa totaled just N7.6 billion.
Based on the most recent published statistics, Nigeria's trade balance in Q1 2023 was N927.2 billion, down from N996.8 billion in the previous quarter and a negative N393.6 billion in the similar period of 2022.
After suffering several international trade deficits in recent years, Nigeria has reported two consecutive positive trade balances, with the turnaround given to an increase in crude oil output.
The NBS reports that oil output in the country increased to 1.51 mbd (million barrels per day) in the first quarter of 2023, from 1.49 mbpd in the first quarter of 2022.
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