Nigeria’s overall goods trade, according to the National Bureau of Statistics (NBS), was worth N12,841.54 billion in the second quarter of 2022.
The NBS Foreign Trade in Goods Statistics Report for Q2 2022, which was released on Thursday in Abuja, supports this.
According to the report, the amount was less than the first-quarter 2022 value, which was N13,001.28 billion, representing a little decline of 1.23 percent.”
However, it was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion. ”
According to the research, a reduction in import trade led to an improvement in the trade balance, which led to a minor decline in Nigeria’s merchandise trade in Q2 2022.
According to the NBS, total export trade in Q2 2022 was N7,406.53 billion, up 4.31 percent from Q1 2022’s total export trade of N7,100.46 billion.
“The total exports trade for Q2 2022 also increased by 47.55 per cent of the value recorded in the second quarter of 2021 at N5,019.68 billion.”
On the other hand, overall imports decreased 7.89% from the value reported in Q1 2022, when it was N5,900.83 billion, to N5,435.01 billion in Q2 2022.
“However, the value increased by 15.83 per cent when compared to the value recorded in the corresponding quarter of 2021 at N4,692.33 billion. ”
The report said that Re-Exports stood at N9.63 billion in Q2 2022.
” The value decreased when compared to the same quarter of 2021 at N64.39 billion and also Q1 2022 at N115.80 billion by 85.05 per cent and 91.68 per cent, respectively.”
According to the data, crude oil exports, which accounted for N5,907.97 billion or 79.77% of all exports in Q2 2022, dominated the value of export trade.
“While non-crude oil exports value stood at N1,498.56 billion or 20.23 per cent of total exports of which non-oil products contributed N675.08 billion representing 9.11 per cent of total exports.”
According to the research, the top five re-export destinations in the quarter under review were Cote d’Ivoire, Ghana, Cameroon, the Democratic Republic of the Congo, and Turkey.