Nigeria’s total goods trade in the second quarter of 2022 stood at N12,841.54 billion, according to the National Bureau of Statistics (NBS).
This is according to the NBS Foreign Trade in Goods Statistics Report for Q2 2022, which was released on Thursday in Abuja.
According to the study, the figure was lower than the sum recorded in the first quarter of 2022, which stood at N13,001.28 billion, showing a 1.23 percent reduction.
“However, it was higher than the value recorded in the corresponding period of 2021, which stood at N9,712.02 billion,” the report stated.
The report stated that Nigeria’s merchandise trade declined marginally in Q2 2022 due to a decrease in import trade, resulting in an improved trade balance. According to the NBS, total export trade was N7,406.53 billion in Q2 2022, a 4.31 percent increase from N7,100.46 billion in Q1 2022.
“The total export trade for Q2 2022 also increased by 47.55 percent of the value recorded in the second quarter of 2021 at N5,019.68 billion,” the bureau said.
Total imports, on the other hand, were N5,435.01 billion in Q2 2022, a 7.89% decline from the value recorded in Q1 2022, which was N5,900.83 billion.
The value however increased by 15.83 percent compared to the amount recorded in the corresponding quarter of 2021 which stood at N4,692.33 billion.
NBS revealed that re-exports amounted to N9.63 billion in Q2 2022, while the “value declined as compared to the same quarter of 2021 at N64.39 billion and also Q1 2022 at N115.80 billion by 85.05 percent and 91.68 percent, respectively.”
According to the data, crude oil shipments of N5,907.97 billion accounted for 79.77% of total exports in Q2 2022.
Non-crude oil export value was N1,498.56 billion, or 20.23% of total exports, with non-oil products contributing N675.08 billion, or 9.11% of total exports.
According to the research, the top five re-export destinations in the quarter under review were Cote d’Ivoire, the Democratic Republic of the Congo, Ghana, Cameroon, and Turkey.
