Nigeria recorded a trade surplus of N2 trillion in the second quarter of 2022

Nigeria recorded a trade surplus of N2 trillion (or 37 percent) in the second quarter of 2022 (Q2’22) with total exports valued at N7.4 trillion and imports worth N5.4 trillion, the total merchandise trade however fell by N200 billion or 1.5 percent to N12.8 trillion quarter-on-quarter (QoQ) from N13 trillion in Q1’22.

The National Bureau of Statistics, NBS, disclosed this in its Foreign Trade in Goods Statistics report for Q2’22, released yesterday.

The Bureau also said that the value of crude oil exports, which was 79.7 percent of total exports in Q2? 22,  rose by 5.1 per cent to N5.9  trillion from N5.6 trillion in Q1’22.

The report stated: “Exports by section revealed  that Nigeria exported mainly mineral products which amounted to N6.7 trillion, or 91.46 percent of  total export value; followed by ‘Products of the chemical and allied industries’, which were valued  at N318.51billion (or 4.3 percent of the value of total exports) and ‘Vegetable products’ worth  N100.12 billion (1.35 percent of the value of total exports).

“The value of exports trade in Q2’22 was dominated by crude oil exports valued  at N5.9 trillion which accounted for 79.7 percent of total exports while non-crude oil exports value stood at N1.49 trillion or 20.2 percent of total exports of which non-oil products contributed N675.08 billion representing 9.11 percent of total exports.”

On imports it said: “During the second quarter of 2022, total imports were valued at N5.4 trillion accounting for  42.3 percent of total trade.  The import value fell by 7.9 percent in Q2’22 compared to the value recorded  in Q1’22 but increased by 15.8 percent compared to the imports value in Q2’21.”

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