The volume of maritime trade participating in foreign trade activities increased substantially by 91 percent between 2023 and 2024, reaching N130.75 trillion.
Foreign exports took control of maritime-based foreign trade operations with a 59.94 percent share of the total trade activity.
The total exports through maritime increased by 116.3% between 2023 and 2024 as NBS data shows N78.38 billion total exports in 2024 versus N36.24 billion in 2023.
In the first quarter of 2024, Q1’24, exports rose by 196.3 per cent YoY to N19.02 billion in Q1’24 from N6.42 billion in Q1’23.
During Q2’24 exports increased to N19.25 million after surging by 177.4 percent compared to Q2’23 when they were N6.94 million.
Exports also rose by 98 per cent YoY to N20.33 in Q3’24 and N10.27 billion in Q3’23, and also by 57.1 per cent YoY to N19.8 billion in 2024 from N12.6 billion in Q4’23
Total maritime imports experienced a significant increase of 62.67% in 2024 reaching N52.38 billion after starting from N32.20 billion in 2023.
Q1’24 saw a 127% YoY increase to N11.9 billion for Total import which started from N5.25 billion in Q1’23.
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It also rose by 121 per cent, YoY to N11.8 billion in Q2’24 from N5.34 billion in Q2’23.
During Q3’23 imports generated a 71.3% YoY increase by reaching N13.67 billion from their Q3’23 level of N7.98 billion.
During Q4’24 import values increased by 10 percent on a yearly basis to N14.96 billion when compared to the previous year’s Q4’23 total of N13.6 billion .
The National Bureau of Statistics documented in Q4’24 Foreign Trade in Goods report that maritime transport composed 98.79 percent of total foreign trade operations.
The report reveals most exported goods left Nigeria through maritime transport during the fourth quarter of 2024. The maritime transport held 98.79 percent of exports equivalent to N19.8 billion.
