The National Bureau of Statistics (NBS)’s review of foreign trade in the second quarter of 2022, released on Thursday, indicates that total trade volume declined by N159.74 billion from the figure recorded in the first quarter.
The figure represents 20.76% of the volume recorded within the period under review,a statement by Sunday Ichedi, Head, Communication and Public Relations Department of NBS, said.
Nigeria’s total trade stood at N12,841.54 billion,which was lower than the value recorded in the first quarter of 2022 (N 13,001.28 billion) in the second quarter of 2022.
The statement noted that the figure was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion.
According to NBS, 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, indicating that Nigeria’s merchandise trade slightly fell in Q2, 2022 due to A decline in import trade resulting in an improved trade balance.
“In the quarter under review, total exports increased by 4.31% when compared to the first quarter of 2022 (N7,100.46 billion) and by 47.55% of the value recorded in the second quarter of 2021 (N5,019.68 billion). On the other hand, total imports decreased by 7.89% 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 N49.63 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% and 91.68% 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’ {N2.99billion} followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage greater than 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%, followed by Spain with 13.98%, The Netherlands with 12.35%, the United States of America and Indonesia with 8.93% and 8.45% respectively. Alltogether, the top five countries accounted for a share of 58.55% 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 79.77%, followed by ‘Natural gas, liquefied’ with N735.60 billion accounting for 9.93%, and ‘Urea, whether or not in aqueous solution’ with N308.14 billion or 4 16% total exports.
“In terms of Imports (CIF), in the second quarter of 2022, China, Belgium, India, The Netherlands and the United States of America were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3,136.72billion representing a share of 57.71% of the total value of imports.
“The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (948.76 billion), ‘Gas Oil’ ($357.37billion), and ‘Durum wheat (Not in seeds)’ (N242.67 billion). The value of total imports stood at N5,435.01bilronn the second quarter of 2022, this decreased by 7.89% when compared with the value recorded in Q1, 2022 (N5,900.83billion); but increased by 15.83% compared to the value recorded in the corresponding quarter of 2021 (N4,692.33billion).
“The value of agricultural imports in the second quarter of 2022 stood at N464.45 billion showing an increase when compared to the value recorded in the first quarter of 2022 (N443.36 billion) by 4.76%, and by 13.70% when compared to the value recorded in the corresponding quarter of 2021 (N408.49 billion).
“The value of raw material imports stood at N696.12billion in Q2, 2022. The value grew by 100%, when compared to the value in Q1, 2022 but rose by 41.22% when compared to the value recorded in Q2, 2021 (N492.93billion). The value of solid minerals imports in the second quarter of 2022 stood at N38.66billion, this value was 5.92% lower than the value recorded in Q1, 2022(N41.09billion) and 28.60% higher than the value recorded in Q2, 2021 (30.06billion).