Nigeria’s total trade dropped from N13 trillion in first quarter 2022 to N12.8 trillion in second quarter of the year.
Foreign trade in goods statistics released yesterday by the National Bureau of Statistics (NBS) noted that the second quarter 2022 figure was however higher than N9.712 trillion recorded in the corresponding period of 2021.
The document added that total exports were N7.406.53 trillion of which re-exports stood at N9.63 billion, while total imports stood at N5.435.01 trillion.
According to the data, in the quarter under review, total exports increased by 4.31 per cent when compared to the first quarter of 2022 at N7.100.46 trillion and by 47.55 per cent of the value recorded in the second quarter of 2021 at N5.020 trillion.
On the other hand, it said total imports decreased by 7.89 per cent in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 at N5.900 trillion and grew by 15.83 per cent when compared to the value recorded in the corresponding quarter of 2021 at N4.692 trillion.
NBS noted that “Re-exports in the second quarter of 2022, which stood at N9.63 billion; decreased when compared to the same quarter of 2021 at N64.39 billion and also, in the first quarter of 2022 at N115.80 billion by 85.05 per cent and 91.68 per cent respectively.”
NBS stated that 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’-N2.99 billion 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,” NBS stated