Business
Nigeria’s Foreign Trade Falls By N200bn

Nigeria’s foreign trade fell quarter-on-quarter (QoQ) by N200billion or 1.5percent to N12.8trillion in the second quarter of the year (Q2’22) from N13trillion in Q1’22.
The National Bureau of Statistics (NBS) disclosed this, yesterday, in its Foreign Trade in Goods Statistics report for Q2’22.
According to the bureau foreign trade in Q2’22 comprised of exports valued at N7.4trillion and imports worth N5.4trillion.
The bureau also said that the value of crude oil exports, which accounted for 79.7percent of total exports in Q22 22, rose by 5.1per cent to ¦ 5.9 trillion from ¦ 5.6trillion in Q1’22.
NBS said:”Nigeria’s total merchandise trade stood at ¦ 12.8trillion in Q2’22, indicating a marginal decrease of 1.5per cent over the value recorded in Q1’22 and 32per cent higher when compared to the value recorded in Q2’21.
“The value of total export stood at ¦ 7.4trillion in Q2’22, the value accounted for 57.7per cent of total trade.
“The export value rose in Q2’22 by 4.3percent against the level recorded in Q1’22 and by 47.5per cent when compared to Q2’21.
“Exports by section revealed that Nigeria exported mainly mineral products which amounted to ¦ 6.7trillion, or 91.46percent of total export value; followed by ‘Products of the chemical and allied industries’, which were valued at ¦ 318.51billion (or 4.3percent of the value of total exports) and ‘Vegetable products’ worth ¦ 100.12billion (1.35percent of the value of total exports).
“The value of exports trade in Q2’22 was dominated by crude oil exports valued at ¦ 5.9trillion which accounted for 79.7percent of total exports while non-crude oil exports value stood at ¦ 1.49trillion or 20.2percent of total exports of which non-oil products contributed ¦ 675.08billion representing 9.11percent of total exports.”
On imports it said:”During the second quarter of 2022, total imports were valued at ¦ 5.4trillion accounting for 42.3percent of total trade.
“The import value fell by 7.9percent in Q2’22 compared to the value recorded in Q1’22 but increased by 15.8percent compared to the imports value in Q2’21.”
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