Nigeria’s trade surplus fell sharply by 35 per cent month-on-month to $1.39 billion in July, down from $2.14 billion recorded in June, following a rise in import bills and a slight dip in export earnings.
This is according to the Central Bank of Nigeria’s (CBN) Monthly Economic Report for July, which shows that while total exports declined by 0.8 per cent, imports rose significantly by 25.09 per cent during the period.
The report noted that the narrower surplus reflects “a marginal decline in export performance alongside higher import bills.”
According to the CBN, export receipts decreased by 0.80 per cent to $4.93 billion, largely due to reduced earnings from crude oil and refined petroleum products. In contrast, imports climbed to $3.54 billion, driven by higher spending on both oil and non-oil products.
A breakdown of export components shows that crude oil, gas, and refined petroleum products accounted for 84.88 per cent of total exports, while non-oil products made up the remainder. For imports, non-oil goods constituted 74.50 per cent, with oil products making up the balance.
Export revenue from crude oil, gas, and refined petroleum products moderated slightly as global crude prices weakened amid high inventories and steady supply conditions. As a result, total receipts from this segment dropped to $4.18 billion from $4.29 billion in June.
Crude oil earnings fell from $2.74 billion to $2.55 billion, while proceeds from refined petroleum product exports dropped to $0.53 billion, down from $0.95 billion in the previous month.
However, gas export earnings improved, rising to $1.10 billion from $0.95 billion, supported by firmer international gas prices as colder-than-usual weather in Europe spurred demand for heating.
Non-oil export earnings also recorded an uptick, increasing to $0.75 billion from $0.68 billion, mainly due to stronger receipts from mineral exports.
On the import side, merchandise inflows rose notably due to increased purchases of both oil and non-oil goods. Overall import bills climbed to $3.54 billion, up from $2.83 billion in June.
Non-oil imports grew by 23.30 per cent to $2.64 billion, while petroleum product imports rose to $0.90 billion, compared to $0.69 billion in the preceding month.
