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Friday, September 9, 2022
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The Nationwide Bureau of Statistics (NBS) says Nigeria’s whole merchandise commerce stands at N12,841.54 billion within the second quarter of 2022.
That is based on the NBS International Commerce in Items Statistics Report for Q2 2022 launched in Abuja on Thursday.
The report mentioned the determine was decrease than the worth recorded within the first quarter of 2022, which stood at N13,001.28 billion, indicating a marginal lower of 1.23 per cent.
”Nonetheless, it was larger than the worth recorded within the corresponding interval of 2021, which stood at N9,712.02 billion,” the report famous.
It mentioned Nigeria’s merchandise commerce barely fell in Q2 2022 on account of a decline in import commerce leading to an improved commerce stability. The NBS mentioned the full export commerce was N7,406.53 billion in Q2 2022, exhibiting an increase of 4.31 per cent in comparison with Q1 2022, which stood at N7,100.46 billion.
“The full exports commerce for Q2 2022 additionally elevated by 47.55 per cent of the worth recorded within the second quarter of 2021 at N5,019.68 billion,” the bureau mentioned.
Alternatively, whole imports stood at N5,435.01 billion in Q2 2022, indicating a lower of seven.89 per cent over the worth recorded in Q1 2022, at N5,900.83 billion.
Nonetheless, the worth elevated by 15.83 per cent in comparison with the worth recorded within the corresponding quarter of 2021 at N4,692.33 billion, NBS disclosed, noting that re-exports stood at N9.63 billion in Q2 2022 whereas the “worth decreased when in comparison with the identical quarter of 2021 at N64.39 billion and likewise Q1 2022 at N115.80 billion by 85.05 per cent and 91.68 per cent, respectively.”
The report additional said that the worth of exports commerce in Q2 2022 was dominated by crude oil exports valued at N5,907.97 billion, which accounted for 79.77 per cent of whole exports.
Non-crude oil export worth stood at N1,498.56 billion or 20.23 per cent of whole exports, of which non-oil merchandise contributed N675.08 billion, representing 9.11 per cent of whole exports.
The report mentioned within the quarter below evaluate, the highest 5 re-export locations included Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroon and Turkey.
(NAN)
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