Nigeria’s Exports Decline Sharply in Q3
Nigeria’s export declined by about 20% in the third quarter, printed at N5.933 trillion against N7.406 trillion reported in the second quarter of 2022, data from the National Bureau of Statistics shows.
In the third quarter of the current year, Nigeria’s total trade stood at ₦11,597.93 billion, this was lower than the value recorded in the second quarter of 2022 when a sum of ₦12,841.54 billion was reported
However, it was higher than the value recorded in the corresponding period of 2021 which stood at ₦10,472.42 billion. Total exports settled at ₦5,933.63 billion of which re-exports were ₦25.04 billion, while total imports stood at ₦5,664.30 billion.
NBS said total exports declined by 19.89% when compared to the second quarter of 2022, but it increased by 15.52% of the value recorded in the third quarter of 2021 when it settled at ₦5,136.56 billion.
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 when ₦5,435.01 billion was reported
This translates to a 6.16% increase when compared to the value recorded in the corresponding quarter of 2021 when Nigeria reported ₦5,335.86 billion.
According to NBS, the value of re-Exports in the third quarter of 2022 stood at ₦25.04 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 when it settled at ₦179.81 billion.
In the quarter under review, the top five re-export destinations were Cote d’Ivoire, Ghana, the United Kingdom, China and The Netherlands.
Meanwhile, the most re-exported commodity were ‘Vessels and other floating structures for breaking up with ₦8,046.60 billion, this was followed by ‘Floating or submersible drilling or production platforms’ valued at ₦4,966.63 billion.
It includes ‘Aeroplanes and other aircraft, of an un-laden weight exceeding 15,000 kg’ amounting to ₦3,434.73 billion. The top five export destinations in the third quarter of 2022 were Spain with a share of 14.72%, followed by India with 10.44%, France with 7.25%, the Netherlands and Indonesia with 7.09% and 7.00% respectively.
Altogether, the top five countries accounted for a share of 46.49% of the total value of exports which was at ₦5,933.63 billion. The commodity with the largest export values in the period under review was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦4,658.30 billion representing 78.51%, followed by ‘Natural gas, liquefied’ with ₦757.36 billion.
This accounts for 12.76%, and ‘Urea, whether or not in aqueous solution’ with ₦133.17 billion or 2.24% of total exports.
In terms of Imports, China, The Netherlands, India Belgium, and the United States of America were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to ₦3,330.70 billion representing a share of 58.80% of the total value of imports.
The commodities with the largest values among the top imported products were ‘Motor Spirit ordinary’ (₦1,199.64 billion), ‘Gas Oil’ (₦261.60billion), and ‘Durum wheat ’(₦252.62 billion).
The value of total imports stood at ₦5,664.30 billion in the third quarter of 2022, this was an increase of 4.22% when compared with the value recorded in Q2, 2022 when it settled at ₦5,435.01 billion.
This translates to a 6.16% increase when compared to the value recorded in the corresponding quarter of 2021 when Nigeria reported ₦5,335.86 billion. READ: Nigeria’s Private Sector Output Rises Sharply in October – PMI
Then, the value of agricultural imports in the third quarter of 2022 stood at ₦512.91 billion showing an increase of 10.44% when compared to ₦464.45 billion recorded in the second quarter of 2022.
The value of raw material imports stood at ₦649.21 billion in Q3, 2022. The value fell by 6.74%, when compared to ₦696.12 billion in Q2, 2022 but rose by 23.90% when compared to ₦523.97 billion recorded in Q3, 2021. # Nigeria’s Exports Decline Sharply in Q3
