TUE. 06 DEC, 2022-theGBJournal| The National Bureau of Statistics Monday published details of Nigeria’s Foreign Trade in Goods Statistics in Q3 2022.
The report shows that Nigeria’s total merchandise trade stood at N11,597.93billion in the third quarter of 2022, indicating a decrease of (-9.68%) over the value recorded in the second quarter of 2022 and 10.75% higher when compared to the value recorded in the third quarter of 2021.
The export trade in the quarter under review stood at N5,933.63 billion showing a decrease of (-19.89%) over the value recorded in the preceding quarter and also increased by 15.52% over the corresponding period of the preceding year. Furthermore, the share of exports in total trade stood at 51.16% in Q3, 2022.
On the other hand, total imports were valued at N5,664.30 billion in Q3, 2022 indicating an increase of 4.22% over the value recorded in the preceding quarter. Furthermore, the value also increased by 6.16% over what was recorded in the corresponding period of 2021.
Using the Standard International Trade Classification, the top-ranked group was “mineral fuels” with N1,623.38 billion (28.66% of total imports), this was followed by “imported machinery & transport equipment” with N1,523.04 billion (26.89% of total imports) and “chemicals & related products” with N833.20 billion (14.71% of total imports).
he balance of trade in the period under review stood at N269.34 billion.
During the quarter under review, Nigeria imported goods mainly from Asia, valued at N2,822.29 billion or 49.83% of total imports. This was followed by Europe with N2,038.29 billion or 35.98%, America with N598.27 billion or 10.56%, Africa with N160.64 billion or 2.84% and Oceania with N44.85billion or 0.79%.
Imports from ECOWAS countries accounted for N26.24 billion, or 0.46% of the value of total imports. By country of origin, imported goods originated mainly from China and were valued at N1,526.31 billion, representing 26.95% of total imports.
This was followed by The Netherlands with N565.90 billion (9.99% of total imports), India with N450.21billion (7.95% of total imports), Belgium with goods imported valued at N422.34 billion or 7.46% of total imports, and the United States of America with N365.94 billion (6.46% of total imports).
The value of exports trade in the third quarter of 2022 was dominated by crude oil exports valued at N4,658.30 billion which accounted for 78.51% of total exports while non-crude oil exports value stood at N1,275.33 billion or 21.49% of total exports of which non-oil products contributed N438.00 billion representing 7.38% of total exports.
Most products were exported to Europe during the quarter under review, with goods valued at N2,619.97billion or 44.15% of total exports, followed by exports to Asia valued at N1,747.48billion (29.45% of total exports).
Exports to Africa stood at N812.35 billion or 13.69% of total exports of which N507.44 billion worth of goods were exported to ECOWAS countries while exports to America was valued at N723.30 billion, (12.19% of total exports).
Spain with goods valued at N873.62 billion or 14.72% was Nigeria’s top export destination during the quarter under review.
This was followed by India, France, The Netherlands, and Indonesia with goods valued at N619.22 billion or 10.44%, N430.40billion or 7.25%, N420.41 billion or 7.09%, and N415.16 billion or 7.00% of export trade respectively.
These five countries collectively accounted for 46.49% of the value of total exports in Q3, 2022.
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