Foreign trade hits 5-year high: ₦64.18 trillion total value in H1 2024 with ₦9.25 trillion surplus
After three consecutive halves of negative trade surplus between H2 2020 and H1 2021, Nigeria achieved a remarkable rebound in H1 2024, with the trade surplus peaking at ₦9.25 trillion and the total trade value soaring to a record ₦64.18 trillion.
Agriculture dominated Kenya’s exports, with coffee, tea, and spices alone contributing $1.7 billion, the largest single export category.
Mineral fuels were a surprisingly strong second, delivering $1.1 billion, and showing Kenya’s growing role in regional fuel distribution.
Horticultural exports (flowers, live plants, and trees) contributed $790 million, reinforcing Kenya’s global strength in floriculture.
All other export categories fall below $300 million individually, reflecting a long list of small but diverse export segments such as textiles, vegetables, and pharmaceuticals.
Gems and precious metals were the largest single export category, contributing $20.6 billion.
Ores and industrial minerals followed closely with $17.2 billion, showing the country’s reliance on mining.
Vehicles and machinery were significant non-mineral exports, with a combined $18.3 billion.
Agricultural and light industry products like fruits, nuts, and beverages contributed modestly, strengthening mining and manufacturing’s position as the core export drivers.
