Nigeria’s trade balance has changed from a surplus to a deficit, with a $20 million deficit in November 2022 compared to a $50 million surplus in the month before, October 2022.
The Central Bank of Nigeria (CBN) stated that the low revenue from crude oil exports over the time period was the cause of the deficit in its Monthly Economic report, which was published yesterday.
The CBN also reported that earnings from crude oil and gas exports decreased month over month (MoM) by 9.3 percent to $3.9 billion in November 2022 from $4.3 billion in October 2022.
The report stated: “Trade performance was weaker than expected as trade deficit was recorded, owing largely to lower crude oil export receipts.
“Provisional data shows that the trade balance swung into a deficit of $0.02 billion from a surplus of $0.05 billion in the preceding month.
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“Aggregate export receipts declined by 7.7 per cent to $4.33 billion from $4.69 billion in October.
“Similarly, merchandise imports declined by 6.2 per cent to $4.35 billion from $4.64 billion in October.
“Crude oil and gas export receipts declined to $3.90 billion from $4.30 billion in October.
“In terms of share in total exports, crude oil and gas accounted for 90.2 per cent.
“Of the total crude oil and gas export, oil constitutes 84.6 per cent, while gas accounts for 15.4 per cent.
“Non-oil export earnings rose by 16.9 per cent to $0.4 billion, from $0.35 billion in October, due, largely to sustained favorable commodity prices at the international market.
“This was due to the 7.0 per cent and 16.1 per cent increase in other non – oil products and re-exports to $0.38 billion and $0.02 billion from $0.36 billion and $0.01 billion respectively.”
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