In the third quarter of 2022, Nigeria’s total trade stood at ₦11.6 trillion billion, this was lower than the ₦12.84 trillion recorded in the second quarter of 2022 but was higher than the ₦10.47 trillion recorded in the corresponding period of 2021, the National Bureau of Statistics said in its report.
Total exports in Q3 stood at ₦5.93 trillion of which Re-exports were ₦25.04 billion, while total imports stood at ₦5.66 trillion.
Total exports declined by 19.89% when compared to the second quarter of 2022 (₦7.41 trillion) but it increased by 15.52% of the recorded in the third quarter of 2021 (₦5.14 trillion).
On the other hand, total imports increased by 4.22% in the third quarter of 2022 when compared to the value recorded in the second quarter of 2022 (₦5.44 trillion) and also grew by 6.16% when compared to the value recorded in the corresponding quarter of 2021 (₦5.34 trillion).
The top five export destinations accounted for 46.49% of the total exports in Q3 2022. They are Spain with a share of 14.72%, followed by India with 10.44%, France with 7.25%, the Netherlands and Indonesia with 7.09% and 7.00% respectively.
Top five import countries are China, The Netherlands, India Belgium, and the United States of America were the top five countries of origin of imports to Nigeria. The values of imports.
The commodity with the largest export value was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦4.66 trillion representing 78.51%, followed by ‘Natural gas, liquefied’ with ₦757.36 billion accounting for 12.76%, and ‘Urea, whether or not in aqueous solution’ with ₦133.17 billion or 2.24% of total exports.
The commodities with the largest values among the top imported products were ‘Motor Spirit ordinary’ (₦1.2 trillion), ‘Gas Oil’ (₦261.60billion), and ‘Durum wheat (Not in seeds)’(₦252.62 billion)
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
