Nigeria's foreign trade declines in Q2 2022 – SNB

The National Bureau of Statistics said on Friday that Nigeria's foreign trade fell to 12.8 trillion naira in the second quarter of the year (Q2'22), from 13 trillion naira in the previous quarter.

The Bureau of Statistics revealed this in its report on foreign trade in goods statistics for the second quarter of 2022.

The report states that foreign trade in the second quarter of 2022 consisted of exports valued at 7.4 trillion naira and imports worth 5.4 trillion naira.

The office added that the value of crude oil exports, which accounted for 79.7% of total exports in the quarter, increased by 5.1% to 5.9 trillion naira from 5.6 trillion naira. naira in the first quarter of 2022.

Meanwhile, Nigeria's total merchandise trade stood at ₦12.8 trillion in the quarter, indicating a slight decline of 1.5% from the value recorded in the previous quarter, and 32% more compared to the value recorded in the second quarter of 2021.< /p>

“Total export value stood at 7.4 trillion naira in the second quarter of 2022, the value accounted for 57.7% of total trade,” the BES said.

"The value of exports increased in Q2 22 by 4.3% compared to the level recorded in Q1 22 and by 47.5% compared to Q2 21.

“Exports by section revealed that Nigeria mainly exported mining products which amounted to N6.7 trillion, or 91.46% of the total export value; followed by "products of chemical and allied industries", which was valued at N318.51 billion (or 4.3% of total export value) and "vegetable products" worth N100.12 billion. naira (1.35% of total export value).

"The value of exports in Q2'22 was dominated by crude oil exports valued at N5.9 trillion, which accounted for 79.7% of total exports, while the value of non-crude oil exports declined. amounted to N1.490 billion or 20.2% of total exports of which non-oil products contributed N675.08 billion or 9.11% of total exports.”

Imports

The BNS said that in the second quarter of 2022, total imports were valued at 5.4 trillion naira, or 42.3% of total trade.

ALSO READ: Nigeria's Foreign Trade Grows 23.28% in Q2

The value of imports decreased by 7.9% in the second quarter of 2022 compared to the value recorded in the first quarter of 2022, but increased by 15.8% compared to the value of imports in the second quarter of 2021.< /p>

The report adds that Nigeria's exports to its trading partners show that India remained the top export destination during the quarter under review.

The top five export destinations were India, Spain, the Netherlands, the United States of America and Indonesia, with goods valued at 1,090 billion naira (14.85 %), 1,030 billion naira (13.98%), and 914 naira. 46 billion (12.35%), 661.19 billion naira (8.93%) and 625.65 billion naira (8.45%) of export trade respectively.

These five countries collectively accounted for 58.55% of total exports in the quarter under review, according to the report.

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