By Favour Nnabugwu

Nigeria’s foreign trade fell quarter-on-quarter (QoQ) by 1.5 percent to N12.8 trillion in the second quarter of the year (Q2’22) from N13 trillion in Q1’22.

The figure fell by N200 billion in the first 2022 National Bureau of Statistics, NBS, stated in it’s Foreign Trade in Goods Statistics report for Q2’22.

According to the bureau, foreign trade in Q2’22 comprised of exports valued at N7.4 trillion and imports worth N5.4 trillion.

The bureau also said that the value of crude oil exports, which accounted for 79.7 percent of total exports in Q2′ 22, rose by 5.1 per cent to ₦5.9 trillion from ₦5.6 trillion in Q1’22.

NBS said:”Nigeria’s total merchandise trade stood at ₦12.8 trillion in Q2’22, indicating a marginal decrease of 1.5 per cent over the value recorded in Q1’22 and 32 per cent higher when compared to the value recorded in Q2’21.

“The value of total export stood at ₦7.4 trillion in Q2’22, the value accounted for 57.7 per cent of total trade.

“The export value rose in Q2’22 by 4.3 percent against the level recorded in Q1’22 and by 47.5 per cent when compared to Q2’21.

“Exports by section revealed that Nigeria exported mainly mineral products which amounted to ₦6.7 trillion, or 91.46 percent of total export value; followed by ‘Products of the chemical and allied industries’, which were valued at ₦318.51billion (or 4.3 percent of the value of total exports) and ‘Vegetable products’ worth ₦100.12billion (1.35 percent of the value of total exports).

“The value of exports trade in Q2’22 was dominated by crude oil exports valued
at ₦5.9 trillion which accounted for 79.7 percent of total exports while non-crude oil exports value stood at ₦1.49 trillion or 20.2 percent of total exports of which non-oil products contributed ₦675.08 billion representing 9.11 percent of total exports.”
On imports it said:”During the second quarter of 2022, total imports were valued at ₦5.4 trillion accounting for 42.3 percent of total trade.

“The import value fell by 7.9 percent in Q2’22 compared to the value recorded
in Q1’22 but increased by 15.8 percent compared to the imports value in Q2’21.”