Maritime Exports Outpace Imports by 39% in 2024 – NBS
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 (NBS) 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.
For goods traded in the foreign market by road transport in 2024, the NBS valued exports and imports at N273.71bn and N131.48bn, respectively, reflecting a 70.20 per cent dominance of imports in that mode of transport. Imports by road also exceeded exports by road in 2023 by 58.17 per cent.
The Importers Association of Nigeria’s president, Kingsley Chikezie, in a telephone interview, explained that importing goods by sea vessels can affect turnover as it consumes a lot more time relative to other modes of transport.
Chikezie pointed out that importing goods by air ensures quicker turnaround times for businesses, stating, “Air transport comes quicker; in less than one week, your consignment is in Nigeria, wherever it is coming from. But when you import through the seaport, it takes 90 to 120 days, sometimes longer. With air cargo, you can turn over four or five times what you have turned over with containerised imports.”
Chikezie emphasised that businesses dealing in time-sensitive goods such as textiles and pharmaceuticals prefer air cargo for efficiency.
“If you tell your partner in China, ‘Please, I need this thing to come by Saturday,’ it can’t be through the sea now,” the IMAN president said. “It must be through air cargo. You just ship it through the air, and before you know it, it is at Murtala Mohammed Airport.”
However, he acknowledged that air cargo comes at a higher price. “You pay more,” he admitted. “But for those in textiles, under one week, you have finished your cargo clearance, finished your sales, transferred money to your customer, and restocked. Under one month, you have made four imports, and you make your money.”
On the other hand, Chikezie noted that heavy goods such as building materials, cement, tiles, and plumbing supplies must be transported via the maritime mode of transport due to cost and weight considerations. “When you are importing tiles, you can’t move them through the air,” he explained. “It is heavy; you pay more. When bringing in cement, it must be through water.”
Meanwhile, he pointed out that logistics companies such as DHL play a significant role in handling air cargo, ensuring daily deliveries from various global locations. He explained, “DHL comes in every day from the U.S. and other places with consignments. They have cargo planes.”
