News

Nigeria’s total trade for Q2 2022 stands at N12.841bn – NBS

1 Mins read

The National Bureau of Statistics(NBS) says Nigeria’s total merchandise trade stands at N12,841.54 billion, in the second quarter of 2022.

This is according to the NBS Foreign Trade in Goods Statistics Report for Q2 2022 released in Abuja on Thursday.

The report said the figure was lower than the value recorded in the first quarter of 2022 which stood at N13,001.28 billion indicating a marginal decrease of 1.23 per cent.

” However, it was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion. ”

The report said Nigeria’s merchandise trade slightly fell in Q2 2022 due to a decline in import trade resulting in an improved trade balance.

The NBS said the Total Exports Trade was N7,406.53 billion in Q2 2022 showing a rise of 4.31 per cent when compared to Q1 2022 which stood at N7,100.46 billion.

“The total exports trade for Q2 2022 also increased by 47.55 per cent of the value recorded in the second quarter of 2021 at N5,019.68 billion.”

On the other hand, total imports stood at N5,435.01 billion in Q2 2022, indicating a decrease of 7.89 per cent over the value recorded in Q1 2022, at N5,900.83 billion.

“However, the value increased by 15.83 per cent when compared to the value recorded in the corresponding quarter of 2021 at N4,692.33 billion. ”

The report said that Re-Exports stood at N9.63 billion in Q2 2022.

” The value decreased when compared to the same quarter of 2021 at N64.39 billion and also Q1 2022 at N115.80 billion by 85.05 per cent and 91.68 per cent, respectively.”

The report said the value of exports trade in Q2 2022 was dominated by crude oil exports valued at N5,907.97 billion which accounted for 79.77 per cent of total exports.

“While non-crude oil exports value stood at N1,498.56 billion or 20.23 per cent of total exports of which non-oil products contributed N675.08 billion representing 9.11 per cent of total exports.”

The report said in the quarter under review, the top five re-export destinations included Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroon and Turkey.

Source: Guardian.ng

   

About author
Time Nigeria is a general interest Magazine with its headquarters in Abuja, the nation’s Capital.
Articles
Related posts
Cover StoryDefenceEconomyNewsSecurity

Defence Minister Badaru Advocates Military Support for Economic Growth at Kano Trade Fair

1 Mins read
  Calls for Robust Support for Nigerian Military to Foster Peace and Economic Growth By Abdulrahman Aliagan,  Abuja The Honourable Minister of…
Cover StoryDefenceNewsSecurity

FG Reaffirms Commitment to Enhanced Security in South-East

2 Mins read
— Minister Badaru Pledges Collaboration and Sustained Efforts By Abdulrahman Aliagan,  Abuja The Federal Government has reiterated its commitment to improving security…
Cover StoryEntrepreneurshipICTNews

Empowering Youths Through Tech: 'Tech on the Street' Initiative Advocates Digital Skills for Self-Reliance

1 Mins read
Individuals and cooperate organisations have been urged to continue to promote initiatives that will get the youths off the street and make…
Stay on the loop!

Subscribe to our latest news.

Leave a Reply

WP2Social Auto Publish Powered By : XYZScripts.com