Nigeria’s Export Receipts Outpace Imports in Q2
Nigeria’s export receipts eclipsed total import deliveries into the economy amidst a decline in total trade in the second quarter of 2022, according to the National Bureau of Statistics (NBS).
According to the quarterly report for the period, total trade printed at N12,841.54 billion in the second quarter OF 2022. However, the Bureau said in the report that this was lower than the value recorded in the first quarter of 2022.
Recall that MarketForces Africa reported that total trade printed at N13,001.28 billion in the first quarter of the year. On yearly comparison, Nigeria’s total trade was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion.
The breakdown shows that total exports were N7,406.53 billion in the second quarter of 2022, of which re-exports value stood at N9.63 billion, while total imports stood at N5, 435.01 billion.
In the quarter under review, total exports increased by 4.31% when compared to the first quarter of 2022 when it printed at N7,100.46 billion and by 47.55% of the value recorded in the second quarter of 2021 when it settled at N5,019.68 billion).
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 at N5,900.83 billion.
Total imports value was 15.83% higher when compared to the value recorded in the corresponding quarter of 2021 when it printed at N4,692.33 billion.
NBS said re-exports in the second quarter of 2022, which stood at N9.63 billion; decreased when compared to a total of N64.39 billion recorded in the same quarter of 2021. READ: Input Costs Pressures Eclipsed Private Sector Performance -PMI
In the first quarter of 2022, re-export was valued at N115.80 billion. In the quarter under review, the top five re-export destinations were Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroun and Turkey, the Bureau said.
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).
# Nigeria’s Export Receipts Outpace Imports in Q2
