FRI, 09 SEPT, 2022-theGBJournal| The National Bureau of Statistics (NBS) has published the latest data on Nigeria’s Foreign Trade in Goods Statistics (Q2 2022), showing an improved trade balance and a drop in total merchandise trade.
The data shows that the country’s total trade stood at N12,841.54 billion, this was lower than the value recorded in the first quarter of 2022 (N13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion.
Total Exports were N7,406.53 billion of which Re-exports stood at N9.63 billion, while total imports stood at N5,435.01 billion.
In the quarter under review, total exports increased by 4.31% when compared to the first quarter of 2022 (N7,100.46 billion) and by 47.55% of the value recorded in the second quarter of 2021 (N5,019.68 billion).
The value of exports trade in the second quarter of 2022 was dominated by crude oil exports valued at N5,907.97billion which accounted for 79.77% of total exports while non-crude oil exports value stood at N1,498.56billion or 20.23% of total exports of which non-oil products contributed N675.08billion representing 9.11% of total exports.
On the other hand, total imports decreased by 7.89% in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5,900.83 billion) and grew by 15.83% when compared to the value recorded in the corresponding quarter of 2021 (N4,692.33 billion).
Nigeria imported goods mainly from Asia, valued at N2,588.85billion or 47.63% of total imports. This was followed by Europe with N1,979.18billion or 36.42%, America with N590.62billion or 10.87%, Africa with N244.86billion or 4.51% and Oceania with N31.49billion or 0.58%.
Imports from ECOWAS countries accounted for N34.92billion, or 0.64% of the value of total imports. By country of origin, imported goods originated mainly from China and were valued at N1,418.51billion, representing 26.10% of total imports.
This was followed by Belgium with N465.19billion (8.56% of total imports), India with N459.20billion (8.45% of total imports), The Netherlands with goods imported valued at N430.90billion or 7.93% of total imports, and the United States of America with N362.92billion (6.68% of total imports).
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).
Re-Exports in the second quarter of 2022, which stood at N9.63 billion, decreased when compared to the same quarter of 2021 (N64.39 billion) and also, in the first quarter of 2022 (N115.80 billion) by 85.05% and 91.68% respectively.
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’ (N2.99billion) followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at (N2.55 billion) and ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ amounting to (N2.53 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, the top five countries accounted for a share of 58.55% of the total value of exports (N7,406.53 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 N5,907.97 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.
The value of total trade in agricultural goods in Q2, 2022 stood at N606.21billion of which exports were valued at N141.77billion in Q2, 2022. Exports in agricultural goods fell by 29.67% and 14.32% when compared to the value recorded in Q1, 2022 (N201.59billion) and Q2, 2021 (N165.46billion) respectively.
During this quarter, most agricultural products were exported to Asia, valued at N98.62billion, followed by Europe with N33.92billion. Export of agricultural products was dominated by ‘Cashew nuts In shell’ valued at N41.27billion followed by ‘Sesamum seeds, whether or not broken’ with N25.04billion and ‘Superior quality Cocoa beans’ with N22.52billion.
On the other hand, total imports of agricultural goods imported in Q2, 2022 stood at N464.45billion or 8.55% of total imports in Q2, 2022. This shows an increase of 4.76% when compared to the value recorded in Q1, 2022 (N443.36billion) and rose by 13.70% compared to the value recorded in Q2, 2021(N408.49billion). The major agriculture goods imported in Q2, 2022 included ‘Durum wheat (not in seeds)’ from the United States of America with N70.67billion and Lithuania with N60.87billion. This was followed by ‘Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen’ from Russia valued at n13.39billion and from The Netherlands with n7.31billion and ‘Crude palm oil)’ worth N14.64billion was imported from Cote d’Ivoire.
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