Total foreign trade drops to N12.84trn in Q2
The National Bureau of Statistics (NBS) on Thursday disclosed that total foreign trade in the second quarter of 2022 dropped to N12.84 trillion as against N13.00 trillion recorded in the first quarter of 2022.
The “foreign trade in goods” statistics by NBS disclosed that the figure is higher than the value recorded in the corresponding period of 2021 which stood at N9.71 trillion.
The report said: “Total Exports were N7.41trillion of which Re-exports stood at N9.63 trillion, while total imports stood at N5.44trillion.
“In the quarter under review, total exports increased by 4.31 per cent when compared to the first quarter of 2022 (N7.1trillion) and by 47.55per cent of the value recorded in the second quarter of 2021 (N5.02trillion ).”
The report also disclosed that total imports decreased by 7.89per cent in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5.9trillion) and grew by 15.83 per cent when compared to the value recorded in the corresponding quarter of 2021 (N4.69trillion).
“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 85.05per cent and 91.68 per cent respectively,” it added.
The bureau 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’ (N2.99billion) 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 report added.
