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Happy Tuesday and Welcome to the first Export Brief edition of the New Year. A weekly newsletter with insightful developments and trends on non-oil export trade from Africa's largest economy and from the global stage. If you enjoy EB, share it with friends. 

• ⏲️: This edition is 1057 words, a 3.5-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria’s trade surplus rises 69% to $11.58bn according to the Central Bank of Nigeria Monthly Economic report.

• Spain tops Nigeria’s exports with N873.6bn goods

• Nigeria raises concern as Ghana increases yam export

TRADE

1 big brief: Spain tops Nigeria’s exports with N873.6bn goods

Spain has emerged as Nigeria’s largest export destination with total export valued at N873.6 billion, a report by the National Bureau of Statistics (NBS) has shown.

Why it matters: According to the Commodity Price Indices and Terms of Trade Q3 2022 report, India and France took the second and third positions in the export cargoes from Nigeria with a total export value of N619.2 billion and N430.4 billion respectively.

By the numbers: The major export markets of Nigeria in Q3, 2022 were Spain, India, France, The Netherlands, United States of America.

• The All-commodity group export price index averagely increased by 0.26 percent point in Q3 2022. The increase was majorly attributed to an increase in the prices of “Wood and articles of wood, wood charcoal and articles”, “Vehicles, aircraft, and parts thereof; vessels”, and “Paper making material; paper and paperboard, articles”.

• The All-region group export index also increased by 0.26 percent point mainly due to rise in prices of export to all regions except America and Oceania.

Be smart: Nigeria’s total foreign trade dropped to N11.597 trillion from N12.841 trillion in Q3 2022 with total exports at N5.933 trillion, re-exports valued at N25 billion while total imports were N5.664 trillion.

TRADE ROUNDUP

TRADE | Nigeria’s trade surplus rises 69% to $11.58bn

• Nigeria’s trade surplus rose year-on-year (YoY) by 69 percent to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021.

• The Central Bank of Nigeria (CBN) in its Economic Report for October, 2022 released yesterday, showed that export receipts rose YoY by 14 percent to $54.21 billion in 2022 from $47.46 billion in the corresponding period of 2021.

TRADE | Nigeria raises concern as Ghana increases yam export

• Nigeria's government has raised concern over the inability of the country to export yam despite accounting for 67 per cent of the global output.

• Of great concern to the government is the fact that Ghana, which produces a meager 10 per cent of the global output has its earning from export of yam grow from $18.48m in 2015 to $39.7m in 2021.

COVER PAGE OF THE WEEK

The Economist cover story is about how China’s great reopening will shake the world. For nearly three years China has been closed: hardly anyone has entered or left it.

Why it matters: From January 8th it will reopen its borders, thus scrapping the last remnant of Xi Jinping’s zero-covid policy. Because the government has failed to prepare properly by vaccinating the elderly, the coming months will see widespread infection and death within China.

In detail: But eventually something resembling normality will return. The revival of commercial, intellectual and cultural contact with China should be welcomed. But its post-covid economic recovery will be hugely disruptive for the global economy, pushing up the price of oil, gas and other commodities, stoking inflation and forcing central banks to keep monetary policy tighter for longer.

A MESSAGE FROM GGI

Climate Action: With exploration comes the need for expertise and sustainability

At GGI, we combined expertise, innovation and sustainable practices in meeting our client's engagements. Our actions to mitigate climate change are central to making the world a better place. Learn more.

IEOM

Join us in our quest to make Africa's largest economy to be self-sufficient through non-oil export and become a member of IEOM.

DATA WATCH

In 2021, 77% of Africa's merchandise exports were primary goods, like fuels, food, ores, metals, precious stones and non-monetary gold. In Asia and Oceania, 76% of exports were manufactured goods.

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 TWEET OF THE WEEK

PHOTOS OF THE WEEK

GLOBAL TRADE: Director General of WTO, Dr. Ngozi Okonjo-Iweala and Rt. Hon. Andrew Mitchell MP, UK Minister of State for Development Cooperation & Africa to discuss the role of trade in tackling global development challenges & development finance issues including Aid4Trade & Invest4Trade. Photo credit: NOI/Twitter