Crude export crashes, drags Nigeria’s foreign trade down to N11.6tn

Crash in crude oil export has decreased Nigeria’s earnings from trade export down by 9.7 per cent in the third quarter of 2022, with Spain leading as top export destination.

According to the National Bureau of Statistics (NBS) in its latest foreign trade report on Monday, Nigeria generated N11.59 trillion from foreign trade in Q3 this year.

The amount is lower than the N12.84 trillion recorded in Q2 2022 due to drop in crude oil export, which fell by 21.2 per cent quarter-on-quarter to N4.66 trillion in Q3 2022 from N5.91 trillion recorded in the second quarter.

NBS reported Imports rose by 4.2% quarter-on-quarter, from N5.44 trillion recorded in Q2 2022 to to N5.66 trillion in the third quarter. It also rose by 6.2% year-on-year from N5.34 trillion reported in Q3 2021.

However, due to the fall in crude oil export, the total earnings from export for the period in review was N5.93 trillion, which is 19.9 per cent decline when compared to the N7.41 trillion recorded in Q2 2022.

Read also:Nigeria’s crude oil output surpasses one million bpd, after losses in Forcados, Bonny, 11 other terminals

According to the National Bureau of Statistics, the export trades increased by 15.5 per cent on a year-on-year basis, when compared to the N5.14 trillion in the corresponding period of Q3 2021.

Meanwhile, Re-Exports value, which consist of foreign goods exported in the same state as previously imported, was up by 160.16 per cent in the third quarter of 2022, closing at N25.04 billion, but it was down by 86.07 per cent year-on-year in contrast to the N179.81 billion recorded in Q3 2021.

The NBS report also reads that Spain, India, France, Netherlands and Indonesia are the top five export destination of Nigeria in Q3 this year.

Ripples Nigeria gathered that Spain accounted for 14.72 per cent of export trades, India came second on the list with 10.44 per cent, France was 7.25 per cent, Netherlands accounted for 7.09 per cent and and Indonesia with 7 per cent.

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