Nigeria exports N7.4trn worth of goods in Q2, India tops destinations

The National Bureau of Statistics (NBS) has revealed that Nigeria recorded a positive trade of N1.9 billion in the second quarter (Q2) of 2022.

NBS disclosed this in its trade statistics report released on Thursday, noting that the value of Nigeria’s imports was N5.43 trillion and the exports were at N7.4 trillion.

What this means is that Nigeria sold more than it bought in the second quarter of 2022.

Part of the NBS report reads: “In the second quarter of 2022, Nigeria’s total trade stood at ₦12,841.54 billion, this was lower than the value recorded in the first quarter of 2022 (₦13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at ₦9,712.02 billion.”

Exports

According to NBS, out of the total exports of N7.4 trillion, re-exports stood at N9.63 billion.

Read also:Nigeria’s exports jumps by 62% in six months, highest since 2018

“In the quarter under review, total exports increased by 4.31% when compared to the first quarter of 2022 (₦7,100.46 billion) and by 47.55% of the value recorded in the second quarter of 2021 (₦5,019.68 billion).”

Import

For imports, the value decreased by 7.89 per cent in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5.90 trillion) and grew by 15.83% when compared to the value recorded in the corresponding quarter of 2021 (N4.69 trillion)

Export destination

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’ (₦2.99billion) followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at (₦2.55 billion) and ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ amounting to (₦2.53 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.

Altogether NBS noted that the top five countries accounted for a share of 58.55% of the total value of exports (N7.40 trillion).

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% of 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’ (N948.76 billion), ‘Gas Oil’ (N357.37billion), and ‘Durum wheat (Not in seeds)’ (N242.67 billion),” NBS noted.

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