Recent publication by the National Bureau of Statistics has revealed that Nigeria’s total trade in the Third Quarter of 2022 stood at N11.598 trillion, this was lower than the value recorded in the second quarter of 2022 (N12.841. trillion) but was higher than the value recorded in the corresponding period of 2021 which stood at N10.472. trillion.
Total Exports stood at N5.934 trillion of which Re-exports were N25.04 billion, while total imports stood at N5.664 trillion. In the quarter under review, total exports declined by 19.89% when compared to the second quarter of 2022 (N7.406 trillion) but it increased by 15.52% of the value recorded in the third quarter of 2021 (N5.137. 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 (N5.435 trillion) and also grew by 6.16% when compared to the value recorded in the corresponding quarter of 2021 (N5.336 trillion).
The value of Re-Exports in the third quarter of 2022 stood at N25.04 billion, showing an increase of 160.16% compared to the value recorded in the second quarter of 2022 but declined by 86.07% compared to the corresponding quarter of 2021 (N179.81 billion).
In the quarter under review, the top five re-export destinations were Cote d’Ivoire, Ghana, United Kingdom, China and The Netherlands while the most re-exported commodity were ‘Vessels and other floating structures for breaking up’ with N8.046 triillion, this was followed by ‘Floating or submersible drilling or production platforms’ valued at N4.967 trillion and ‘Aeroplanes and other aircraft, of an un-laden weight exceeding 15,000 kg’ amounting to N3.435 trillion.