Nigeria’s foreign trade falls by N200bn in Q2’21

Article

Nigeria’s foreign trade falls by N200bn in Q2’21

September 8, 2022

bnlpulse

No comment

106 views

Nigeria’s foreign trade fell quarter-on-quarter (QoQ) by N200 billion or 1.5 percent to N12.8 trillion in the second quarter of the year (Q2’22) from N13 trillion in Q1’22.

The National Bureau of Statistics, NBS, disclosed this today in it’s Foreign Trade in Goods Statistics report for Q2’22.

According to the bureau foreign trade in Q2’22 comprised of exports valued at N7.4 trillion and imports worth N5.4 trillion.

The bureau also said that the value of crude oil exports, which accounted for 79.7 percent of total exports in Q2′ 22, rose by 5.1 per cent to ₦5.9 trillion from ₦5.6 trillion in Q1’22.

NBS said:”Nigeria’s total merchandise trade stood at ₦12.8 trillion in Q2’22, indicating a marginal decrease of 1.5 per cent over the value recorded in Q1’22 and 32 per cent higher when compared to the value recorded in Q2’21.

“The value of total export stood at ₦7.4 trillion in Q2’22, the value accounted for 57.7 per cent of total trade. “The export value rose in Q2’22 by 4.3 percent against the level recorded in Q1’22 and by 47.5 per cent when compared to Q2’21.

“The value of exports trade in Q2’22 was dominated by crude oil exports valued at ₦5.9 trillion which accounted for 79.7 percent of total exports while non-crude oil exports value stood at ₦1.49 trillion or 20.2 percent of total exports of which non-oil products contributed ₦675.08 billion representing 9.11 percent of total exports.”

“The import value fell by 7.9 percent in Q2’22 compared to the value recorded in Q1’22 but increased by 15.8 percent compared to the imports value in Q2’21.”

Categories: Business, News, Right now, Slider

Tags: foreign trade

Please add your widgets.

Article