Recent report published by the National Bureau of Statistics has revealed that Nigeria’s total trade in the fourth quarter of 2022 stood at N11.72 trillion of which total exports stood at N6.36 trillion and total imports amounted to N5.36 trillion.
On an annual basis, total trade was N52.39 trillion, total imports amounted to N25.59 trillion, and total exports were recorded at N26.797 trillion.
Total exports increased in the fourth quarter by 7.17% and 10.28% when compared to the amount recorded in the third quarter of 2022 (N5.93 trillion) and the corresponding quarter in 2021 (N5.77 trillion) respectively. Conversely, total imports declined by 15.46% in the fourth quarter of 2022 compared to the value recorded in the third quarter of 2022 (N6.34 trillion) and fell by 9.73% when compared to the value recorded in the corresponding quarter of 2021 (N5.94 trillion). Re-export’s value in the quarter under review stood at N199.59 billion representing 3.14% of total exports.