Nigeria’s exportation of goods to other countries in the second quarter of 2024 totalled N19.4tr while importing goods worth N12.4tr.
A report by the National Bureau of Statistics (NBS) disclosed that Nigeria’s total merchandise trade during the period was N31.8tr representing a decrease of 3.76% over the value recorded in the preceding quarter but a rise of 150.39% compared to the value recorded in the corresponding period of 2023.
It said the trade balance in the second quarter remained positive at N6.94tr, indicating an increase of 33.63 per cent compared to the value recorded in the preceding quarter.
It stated that exports accounted for 60.89 per cent of total trade, showing a marginal increase of 1.31 per cent compared to the value recorded in Q1 2024 (N19.1tr) and a 201.76 per cent rise over the value recorded in the second quarter of 2023 (N6.4tr).
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“The export was dominated by crude oil exports valued at N14.5, representing 74.98 per cent of total exports while the value of non-crude oil exports stood at N4.85 accounting for 25.02 per cent of total exports, of which non-oil products contributed N1.94 or 10.01% of total exports.
“The top trading export partners were Spain, The United States of America, France, India, and The Netherlands while the top exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
“Exports of agricultural goods in Q2 2024 amounted to N973.6bn, a 5.93 per cent decrease from N1tr in Q1 2024 and a 246.67 per cent rise from N280.87bn in Q2 2023,” the report said.
On the other hand, it said importation decreased to 10.71 when compared with the value recorded in Q1, 2024 (13.97tr) and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023 (N6.3tr).
“In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.
“The most traded commodities during the quarter were Motor spirit ordinary, gas oil, durum wheat, butanes and cane sugar meant for sugar refinery. The value of agricultural goods imported in Q2 2024 was N893.25bn, reflecting a decrease of 2.96 percent when compared to N920.54bn in Q1 2024 and an increase of 96.38% compared to ₦ 454.85 billion in Q2 2023,” it said.
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