September 09, (THEWILL) – Nigeria’s total merchandise trade stands at N12,841.54 billion, in the second quarter of 2022, the National Bureau of Statistics (NBS) has reported.
The report said the figure was lower than the value recorded in the first quarter of 2022, which stood at N13,001.28 billion, indicating a marginal decrease 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”, the NBS said in its Foreign Trade in Goods Statistics Report for Q2 2022, released in Abuja, on Thursday.
According to the NBS, merchandise trade slightly fell in Q2 2022 due to a decline in import trade resulting in an improved trade balance.
The NBS said the Total Exports Trade was N7,406.53 billion in Q2 2022 showing a rise of 4.31 percent when compared to Q1 2022, which stood at N7,100.46 billion.
“The total exports 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.”
Also, total imports stood at N5,435.01 billion in Q2 2022, indicating a decrease of 7.89 percent over the value recorded in Q1 2022, at N5,900.83 billion.
“However, the value increased by 15.83 percent 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 percent and 91.68 percent, respectively.”
It added that the value of exports trade in Q2 2022 was dominated by crude oil exports valued at N5,907.97 billion, which accounted for 79.77 percent of total exports.
“While non-crude oil exports value stood at N1,498.56 billion or 20.23 percent of total exports of which non-oil products contributed N675.08 billion representing 9.11 percent of total exports.”
The report said in the quarter under review, the top five re-export destinations included Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroon and Turkey.
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