Nigeria’s total trade in Q2 drops to N12bn, says NBS

From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS), yesterday, said that Nigeria’s total trade stood at ₦12,841.54 billion, in the second quarter of 2022.

This, it said, was lower than the value recorded in the first quarter of 2022 (₦13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at ₦9,712.02 billion.

Also, total exports, according to the bureau, were ₦7,406.53 billion of which re-exports stood at ₦9.63 billion, while total imports stood at ₦5,435.01 billion.

“In the quarter under review, total exports increased by 4.31 per cent when compared to the first quarter of 2022
(₦7,100.46 billion) and by 47.55 per cent of the value recorded in the second quarter of 2021 (₦5,019.68
billion). On the other hand, total imports decreased by 7.89% in the second quarter of 2022 when
compared to the value recorded in the first quarter of 2022 (₦5,900.83 billion) and grew by 15.83% when
compared to the value recorded in the corresponding quarter of 2021 (₦4,692.33 billion).

“Re-exports in the second quarter of 2022, which stood at ₦9.63 billion; decreased when compared to
the same quarter of 2021 (₦64.39 billion) and also, in the first quarter of 2022 (₦115.80 billion) by
85.05% and 91.68% respectively. In the quarter under review, the top five re-export destinations were
Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroun and Turkey. The most re-exported
commodity groups were ‘Lightvessels, fire-floats, floating cranes, and other vessels not specified in 8905’
(₦2.99billion) followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage 500
tonnes’ valued at (₦2.55 billion) and ‘mech-propelled vessels for the transport of goods, gross tonnage
not specified in 8901’ amounting to (₦2.53 billion).

“The top five export destinations in the second quarter of 2022 were India with a share of 14.85 per cent followed by Spain with 13.98%, The Netherlands with 12.35%, the United States of America and Indonesia
with 8.93% and 8.45% respectively. Altogether, the top five countries accounted for a share of 58.55% of
the total value of exports (₦7,406.53 billion). The commodity with the largest export values in the period
under review was recorded in ‘petroleum oils and oils obtained from bituminous minerals, crude’ with
₦5,907.97 billion representing 79.77%, followed by ‘Natural gas, liquefied’ with ₦735.60 billion” the bureau, noted.