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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), has disclosed that Nigeria’s total trade in the third quarter of 2022 declined to N11,597.93 billion from N12,841.54 billion recorded in the second quarter.
This, the bureau, said, was lower than the value recorded in the second quarter of 2022 (N12,841.54 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at N10,472.42 billion.
The bureau also noted that the nation’s total exports stood at N5,933.63 billion of which re-exports were N25.04 billion, while total imports stood at N5,664.30 billion.
In the quarter under review, total exports declined by 19.89 per cent when compared to the second quarter of 2022 (N7,406.53 billion) but it increased by 15.52 per cent of the value recorded in the third quarter of 2021 (N5,136.56 billion).On the other hand, total imports increased by 4.22 per cent in the third quarter of 2022 when compared to the value recorded in the second quarter of 2022 (N5,435.01billion) and also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 (N5,335.86 billion).
However, the value of re-exports in the third quarter of 2022 stood at N25.04 billion, showing an increase of 160.16 per cent compared to the value recorded in the second quarter of 2022 but declined by 86.07 per cent compared to the corresponding quarter of 2021 (N179.81 billion).
In the quarter under review, the top five re-export destinations were Cote d’Ivoire, Ghana, United Kingdom, China and The Netherlands while the most re-exported commodity were ‘vessels and other floating structures for breaking up’ with N8,046.60 billion. This was followed by ‘floating or submersible drilling or production platforms’ valued at M4,966.63 billion and ‘aeroplanes and other aircraft, of an un-laden weight exceeding 15,000 kg’ amounting to N3,434.73 billion.
