Nigeria exports goods worth N7.4trn in Q2

Nigeria has recorded transactions worth N7.4trn to foreign countries in the second quarter of 2022, a report by the National Bureau of Statistics (NBS) has shown.

The report titled ‘Foreign Trade in Goods Statistics (Q2 2022)’ stated that the country was able to achieve a trade surplus of N1.9trn as importation recorded was valued at N5.4trn.

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The NBS said the total trade during the period was valued at N12.8trn, which was lower than the N13trn recorded in the first quarter of 2022 while re-exportation of goods exports stood at N9.63bn.

“In the quarter under review, total exports increased by 4.31 per cent when compared to the first quarter of 2022 (N7.1trn) and by 47.55 per cent of the value recorded in the second quarter of 2021 (N5trn).

“On the other hand, total imports decreased by 7.89% in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5.9trn) and grew by 15.83 per cent when compared to the value recorded in the corresponding quarter of 2021 (N4.6trn).”

It stated that exportation of crude oil crude oil, valued at N5.9trn, dominated Nigeria’s export list followed by petroleum oil products, N823bn, with manufactured goods accounting for N119bn, energy goods worth N21bn, agriculture, N141bn, raw materials, N371bn and solid mineral goods N20.9bn.

For imports, N2.7trn manufactured goods were brought into the country followed by other petroleum products, N1.4trn, raw material goods, N696bn, agricultural goods, N464bn and solid minerals, 38bn.

It added that Nigeria’s top five export destinations in the period were India with a share of 14.85 per cent, followed by Spain with 13.98 per cent, the Netherlands with 12.35 per cent, the United States of America and Indonesia with 8.93 per cent and 8.45 per cent respectively, and they accounted for a share of 58.55 per cent of the total value of exports.

“In terms of imports, China, Belgium, India, the Netherlands and the United States of America were the top five countries of origin of imports to Nigeria. The value of imports from the top five countries amounted to N3.1trn, representing a share of 57.71 per cent of the total value of imports.”