Nigeria recorded a foreign trade surplus of N7,229.5trillion as the total value of merchandise exports and imports stood at N14,245.3trillion and N7,015.8trillion respectively in 2013 trading year.

With this feat, the total value of Nigeria's external merchandise trade stood at N21,261.1trillion in the  period under focus.

According to the 2013 Foreign Trade Statistics released by the National Bureau of Statistics (NBS), signed by the Statistician General of the Federation and Chief Executive of NBS, Dr Yemi Kale, the total exports for 2013 calendar year which stood at N14,245.3trillion was lower by N8,201trillion or 36.5 per cent from the total value of exports in 2012.

However, the total imports value of N7,015.8trillion for the 2013 calendar year was 24.7 per cent greater than the cumulative total for 2012.

 Analysing the fourth quarter 2013 trading report, the NBS disclosed that the value of Nigerian imports amounted to N1,686.16trillion, a decline of N398.7billion or 19.1 per cent from the N2,084.8trillion recorded against third quarter of 2013.

 Year on Year value of import were N393.2billion or 30,4 per cent greater than the value recorded for the corresponding quarter of 2012.

 According to the Standard International Trade Classification (SITC), compared to Q3 2013, the decline in imports can be attributed to the fall in the value of imports of Beverages and Tobacco by N202.1billion or 93.8 per cent and N25.0billion or 56.7 per cent decline in the value of Crude Inedible Materials.

 When classified by section, Boilers, Machinery and Appliances accounted for the largest of imports with N355.9billion or 21.1 per cent of total imports.

 Other significant imports to Nigeria in Q4 2013 include Vehicle, Aircraft and Parts worth N293.6billion or 17.4 per cent and Mineral Products valued at N230.3billion or 13.7 per cent. 

Import categorised by Broad Economic Category showed that Industrial Supplies contributed the largest percentage of imports, accounting for N464.7billion or 27.6 per cent of the total imports. 

Capital goods and Food & Beverages followed with N426.1billion or 25.3 per cent and N269.1billion or 16 per cent of the total import respectively. 

 Summary of import by region indicated that the greatest value of imports to Nigeria in Q4 2013 came from Asia with N746.9billion or 44.3 per cent of total import, followed by Europe with N554.6billion (32.9%); the Americas, N267.3billion (15.9%); Africa, N102.8billion (6.1%) and Oceania with N14.4billion (0.9%), ECOWAS contributed N48.0billion or 46.7 per cent. 

 The industrial countries with the five greatest values were China, United States, South Korea, The Netherlands and India, with Nigeria consuming N374.1billion, N185.1billion, N122.5billion, N95.7billion and N90.7billion respectively.

 The Q4 2013 export value was N3,476.8trillion a decline of N96.5billion or 2.7 per cent from N3,573.4trillion recorded the previous quarter. 

 Exports were, however, N2,416.1trillion or 41 per cent lower than the value recorded in Q4 of the preceding year. 

 Analysis of exports indicated that Mineral products dominate the Nigeria exports, contributing N3,167.0trillion or 91.9 per cent of the total, followed by Prepared Food stuff, Beverages, Spirits and Vinegar,  tobacco worth N100.9billion or 2.9 per cent and Vegetable products worth N51, 641.0billion or 1.5 per cent of the total exports for the quarter.

 In Q4 2013, country that consumed the largest share of Nigeria's exports was Europe, recieving N1,416.8trilion or 40.8 per cent, followed by Asia with N881.7billion or 25.4 per cent of exports.

 Of the total exports to Africa, ECOWAS consumed N167.8billion or 38.2 per cent.

 Classification of the trade statistics by countries of destination showed that India, The Netherlands, Italy, Brazil and South Africa were the greatest consumer of  Nigeria exports worth N613.8billion, N393.7billion, N310.7billion, N289.8billion  and N218.9billion respectively .