FRI, 03 JUNE, 2022-theGBJournal| Nigeria’s total merchandise trade stood at N13,001.28 billion in the first quarter of 2022, indicating an increase of 11.05% over the value recorded in the fourth quarter of 2021 and 65.41% higher when compared to the value recorded in the first quarter of 2021, according to the National Bureau of Statistics latest report.
NBS said export trade in the quarter under review stood at N7,100.46 billion showing a rise of 23.1% over the value recorded in the preceding quarter and also increased by 137.9% over the corresponding period of the preceding year. Furthermore, the share of exports in total trade stood at 54.61% in Q1, 2022.
On the other hand, total imports were valued at N5,900.83 billion in Q1, 2022 indicating a decrease of 0.7% over the value recorded in the preceding quarter. However, the value increased by 21.0% over what was recorded in the corresponding period of 2021. Imports value in the first quarter of 2022 accounted for 45.39% of total trade. The balance of trade in the period under review stood at N1,199.63 billion.
The value of exports trade in the first quarter of 2022 was dominated by crude oil exports valued at N5,620.99 billion which accounted for 79.16% of total exports while non-crude oil exports value stood at N1,479.47billion or 20.84% of total exports of which non-oil products contributed N715.19billion representing 10.07% of total exports.
Re-Exports in the first quarter of 2022 which stood at N115.80 billion decreased when compared to the same quarter of 2021 (N123.46billion) and also in the fourth quarter of 2021 (N284.54billion) by 6.20% and 59.30% respectively. In the quarter under review, the top five re-export destinations were Namibia, Cameroun, Ghana, Indonesia and Malaysia.
The most re-exported commodity groups were “Floating or submersible drilling or production platforms” (N89.29billion) followed by “Vessels and other floating structures for breaking up” valued at (N15.93billion) and “Helicopters of an un-laden weight exceeding 2000kg” amounting to (N8.24billion).
The top five export destinations in the first quarter of 2022 were India with a share of 16.57%, followed by Spain with 9.54%, The Netherlands with 9.30%, Indonesia and the United States with 6.68% and 5.25% respectively.
Altogether, the top five countries accounted for a share of 47.35% of the total value of exports (N7,100.46 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 N5,620.99billion representing 79.16%, followed by ‘Natural gas, liquefied’ with N655.94billion accounting for 9.24%, and ‘Urea, whether or not in aqueous solution’ with N208.39billion or 2.93% of total exports.
In terms of Imports (CIF), in the first quarter of 2022, China, The Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3,442.40 billion representing a share of 58.34% of the total value of imports. The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (N1,506.87 billion), ‘Kerosene type jet fuel’ (N292.56 billion), and ‘Durum wheat (Not in seeds)’ (N258.31 billion).
The value of total imports in Q1 2022 stood at N5,900.83 billion in the first quarter of 2022, this decreased by 0.67% when compared with the value recorded in Q4, 2021 (N5,940.58 billion); but increased by 21.04% compared to the value recorded in the corresponding quarter of 2021V(N4,875.19 billion).
The value of agricultural imports in the first quarter of 2022 stood at N443.36 billion showing a decline when compared to the value recorded in the fourth quarter of 2021 (N667.16 billion) by 33.55%, but increased by 8.39% when compared to the value recorded in the corresponding quarter of 2021 (N409.03 billion).
The value of raw material imports stood at N538.53 billion in Q1, 2022. The value declined marginally by 0.98%, when compared to the value in Q4, 2021 (N543.87 billion) but rose by 47.20% when compared to the value recorded in Q1, 2021 (N365.86 billion).
The value of solid minerals imports in the first quarter of 2022 stood at 41.09 billion, this value was 37.84% higher than the value recorded in Q4, 2021 (N29.81 billion) and 74.39% of the value recorded in Q1, 2021 (N23.56 billion).
The value of energy goods imports stood at N0.01 billion in Q1, 2022 which was 72.69% and 52.80% lower than the value recorded in the fourth quarter of 2021 (N0.03 billion) and in the corresponding period of 2021 (N0.02 billion) respectively.
The value of imported manufactured goods in the quarter under review stood at N2.972.38 billion with a marginal decline of 0.94% against the value recorded in Q4, 2021(N3,000.66 billion). This invariably increased by 24.97% compared to the value recorded in Q1, 2021 (N2,378.48 billion).
The value of other oil products imports in the first quarter of 2022 stood at N1,905.47 billion indicating an increase of 12.08% than the value recorded in Q4, 2021 (N1,700.13 billion) and also rose by 12.20% compared to the value recorded in the corresponding quarter of 2021 (N1,698.23 billion).
The value of total exports in Q1, 2022 stood at N7,100.46 billion indicating an increase of 137.88% when compared to the value of exports in Q1, 2021 (N2,984.93) and rose by 23.13% compared to the value recorded in Q4 2021 (N5,766.62 billion).
The value of agricultural goods exports stood at N201.59 billion in Q1, 2022 indicating an increase of 51.89% compared to the value recorded in Q4 2021 (N132.71billion) and also increased by 58.35% when compared to the value recorded in Q1 2021 (N127.31 billion)
The value of raw material goods exports in Q1, 2022 was valued at N259.48 billion showing an of 4.44% and 504.17% than the value recorded in Q4, 2021 (N248.45 billion) and Q1 2022 (N42.95 billion) respectively.
The value of Solid Minerals exports in Q1, 2022 were valued at N19.69 billion indicating an increase of 45.17% compared to the value (N13.56 billion) recorded in Q4, 2021, this also increased by 111.17% compared to the value recorded in the corresponding quarter in 2021 (N9.32 billion).
The value of exports of energy goods in Q1, 2022 stood at N15.36 billion indicating a decline of 25.66% when compared to the value recorded in Q4, 2021 (N0.66 billion); and also decreased by 37.47% compared to Q1, 2021 (N24.57 billion).
The value of manufactured goods exports was valued at N219.08 billion in Q1, 2022 showing a decline of 44.60% compared to the value recorded in Q4, 2021 (N395.48 billion). conversely, increased by 33.81% compared to the valued recorded in Q1, 2021 (N163.73 billion).
The value of crude oil exports in Q1, 2022 stood at N5,620.99 billion showing an increase of 31.66% compared to N4,269.36 billion, the value recorded in Q4, 2021; and it also rose by 175.15% compared to the corresponding period of 2021(N2,042.90 billion).
The value of other oil products exports in Q1 2022 was N764.27 billion, this increased by 11.35% compared to the value recorded in Q4, 2021 (N686.38 billion). In the same vein, the value also grew by 33.11% compared to in the same period of 2021 (N574.16 billion.
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