In the second quarter of 2024, Nigeria experienced a significant increase in trade, with a rise in exports. According to the August report from the NBS, the total value of exports in Q2 2024 amounted to ₦19,418.93 billion, showing a 1.31% increase compared to ₦19,167.36 billion in Q1 2024 and a substantial 201.76% rise compared to ₦6,435.13 billion. Spain, the United States of America, France, India, and The Netherlands were Nigeria’s top trading export partners in the quarter.
The most exported commodities included crude oil, liquefied natural gas, petroleum gases, superior-quality cocoa beans, and urea. Agricultural goods exports in Q2 2024 totaled ₦973.69 billion, reflecting a 5.93% decrease from ₦1,035.02 billion in Q1 2024 and a 246.67% rise from ₦280.87 billion in Q2 2023.
The value of raw material exports in Q2 2024 was ₦366.91 billion, showing a 4.01% increase from ₦352.75 billion in Q1 2024 and a significant 151.96% rise from ₦145.62 billion in Q2 2023. Report
On the import front, the total value of imports decreased by 10.71%, amounting to ₦12,473.53 billion, compared to ₦13,970.05 billion in the first quarter.
China remained Nigeria’s top trading partner for imports, followed by Belgium. The most traded commodities in this quarter were motor spirit ordinary, gas oil, durum wheat, butanes, and cane sugar for sugar refinery.
Agricultural goods imports decreased by 2.96% compared to Q1 2024, but increased by 96.38% compared to Q2 of the previous year. Additionally, raw material imports in Q2 2024 were valued at ₦1,481.50 billion, marking a 0.96% increase from ₦1,467.41 billion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023.
Overall, Nigeria’s total merchandise trade in Q2, 2024 was valued at N31,892.46 billion, representing a decrease of 3.76% from the preceding quarter and a rise of 150.39% compared to the same period in 2023.
Nigeria had a trade surplus of N6,945.40 billion in Q2, indicating a 33.63% increase from the previous quarter.
Crude oil exports continued to dominate Nigeria’s export trade, reaching a value of N14,559.56 billion, accounting for 74.98% of total exports. Non-crude oil exports stood at N4,859.37 billion, representing 25.02% of total exports, with non-oil products contributing N1,944.25 billion or 10.01% of total exports.
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