Nigeria’s total trade value stood at N12.84 trillion in the second quarter (Q2) of 2022, lower than the value recorded in the first quarter (Q1) of 2022 (N13 trillion), according to the foreign trade in goods statistics (Q2 2022) report released by the National Bureau of Statistics (NBS),
The report attributed the marginal decline to a drop in import trade resulting in an improved trade balance. However, the value of total trade reported increased by 32 percent year on year (y/y) from N9.71 trillion reported in the corresponding period of 2021.
“Total exports were N7.4 trillion of which re-exports stood at N9.63 billion, while total imports stood at N5.4 trillion. In the quarter under review, total exports increased by 4.31 percent when compared to the first quarter of 2022 (N7.1 trillion) and by 47.55 percent of the value recorded in the second quarter of 2021 (N5.01 trillion),” the report stated.
On the other hand, total imports decreased by 7.89 percent in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (₦5.9 trillion) and grew by 15.83 percent when compared to the value recorded in the corresponding quarter of 2021 (N4.69 trillion).
Re-Exports in the second quarter of 2022, which stood at N9.63 billion, decreased when compared to the same quarter of 2021 (N64.39 billion) and also, in the first quarter of 2022 (N115.80 billion) by 85.05 percent and 91.68 percent respectively.
In the quarter under review, the top five re-export destinations were Cote d’Ivoire, the 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’ (N2.99billion) followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at (N2.55 billion) and ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ amounting to (N2.53 billion).
The top five export destinations in the second quarter of 2022 were India with a share of 14.85 percent, followed by Spain with 13.98 percent, The Netherlands with 12.35 percent, the United States of America, and Indonesia with 8.93 percent and 8.45 percent respectively.
Altogether, the top five countries accounted for a share of 58.55 percent of the total value of exports (N7.4 trillion).
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 N5.9 trillion representing 79.77 percent, followed by ‘Natural gas, liquefied’ with N735.60 billion accounting for 9.93 percent, and ‘Urea, whether or not in aqueous solution’ with N308.14 billion or 4.16 percent of total exports.
In terms of Imports (CIF), in the second quarter of 2022, China, Belgium, India, The Netherlands, and the United States of America were the top five countries of origin of imports to Nigeria.
The values of imports from the top five countries amounted to N3.13 trillion representing a share of 57.71 percent of the total value of imports. The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (N948.76 billion), ‘Gas Oil’ (N357.37billion), and ‘Durum wheat (Not in seeds)’ (N242.67 billion).