Recent report published by the National Bureau of Statistics revealed that Nigeria’s Total trade in the second quarter of 2022 stood at N12.84 trillion,
This was lower than the value recorded in the first quarter of 2022 (N13 trillion) but was higher than the value recorded in the corresponding period of 2021 which stood at N9.71 trillion.
Total Exports were N7.4 trillion of which Re-exports stood at N9.63 billion, while total imports stood at N5.4 trillion.
In the quarter under review, total exports increased by 4.31% when compared to the first quarter of 2022 (N7.1 trillion) and by 47.55% of the value recorded in the second quarter of 2021 (N5.019 trillion).
On the other hand, total imports decreased by 7.89% in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5.9 trillion) and grew by 15.83% when compared to the value recorded in the corresponding quarter of 2021 (N4.69 trillion).
Re-Exports in the second quarter of 2022, which stood at N9.63 billion; decreased when compared to the same quarter of 2021 (N64.39 billion) and also, in the first quarter of 2022 (N115.80 billion) by 85.05% and 91.68% respectively. In the quarter under review, the top five re-export destinations were Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroun and Turkey. The most re-exported commodity groups were ‘Lightvessels, fire-floats, floating cranes, and other vessels not specified in 8905’ (N2.99billion) followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at (N2.55 billion) and ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ amounting to (N2.53 billion).