Maritime Exports Exceed Imports By 39%

Goods exported via maritime transport exceeded imports in the same category by 39.76 per cent in 2024, a sharp deviation from other modes of foreign trade transport. This highlights the fact that importers avoided delay during the period under review. According to the National Bureau of Statistics, the value of goods exported via maritime transport in 2024 was N78.37tn, exceeding 39.76 per cent of the value of goods imported by sea vessels at N52.37tn in the same year.

It was the case in 2023, as maritime exports recorded a value of N36.22tn, exceeding maritime imports at N32.19tn by 11.78 per cent.

Notably, Nigeria recorded a trade balance of N20.8tn in 2024 with an export value of N79.11tn and an import value of N58.31tn. Yet, the country recorded a higher percentage of import value as against export in the respective categories of air and road modes of transport.

In 2024, air cargo imports exceeded exports by 167.85 per cent, as the latter recorded N3.68tn while goods imported via air transport were valued at N321.6bn. It was a similar trend in 2023, as air imports exceeded air exports by 167.90 per cent.