Nigeria’s total merchandise trade for the second quarter of 2022 was 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 released in Abuja on Thursday.
Going by the report, 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 report said Nigeria’s merchandise trade slightly fell in Q2 2022 due to a decline in import trade resulting in an improved trade balance.
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 per cent of the value recorded in the second quarter of 2021 at N5,019.68 billion.”
“On the other hand, total imports stood at N5,435.01 billion in Q2 2022, indicating a decrease of 7.89 per cent 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.
The report said that Re-Exports stood at N9.63 billion in Q2 2022 and 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.”
However, 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 showed that in the quarter under review, the top five re-export destinations were; Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroon and Turkey.