National Bureau of Statistics (NBS), yesterday, said that Nigeria’s total trade stood at N12,841.54 billion, in the second quarter of 2022. This, it said, was lower than the value recorded in the first quarter of 2022 (N13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion.
NBS also said that total exports were N7,406.53 billion of which re-exports stood at N9.63 billion, while total imports stood at N5,435.01 billion.
“In the quarter under review, total exports increased by 4.31 percent when compared to the first quarter of 2022 (N7,100.46 billion) and by 47.55 percent of the value recorded in the second quarter of 2021 (N5,019.68 billion).
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 (N5,900.83 billion) and grew by 15.83% when compared to the value recorded in the corresponding quarter of 2021 (N4,692.33 billion).
“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, 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’ (2.99billion) 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 13.98percent, The Netherlands with 12.35 percent, the United States of America and Indonesia with 8.93percent and 8.45 percent respectively. Altogether, the top five countries accounted for a share of 58.55percent of the total value of exports (N7,406.53 billion).
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 N5,907.97 billion representing 79.77percent, followed by ‘Natural gas, liquefied’ with N735.60 billion” the bureau, noted.