Nigeria’s overall merchandise exports decreased by N1.24 trillion, from N12.84 trillion in the second quarter of 2022 to N11.59 trillion in the third quarter.
According to the National Bureau of Statistics’ report, “Foreign Trade in Goods Statistics (Q3 2022),” which was released on Monday.
The reduction in crude oil exports, which went from N5.91 trillion in Q2 2022 to N4.66 trillion in Q3 2022, had an impact on the decline in international trade.
According to the NBS, “In q3 2022, Nigeria’s total trade stood at N11.59tn, this was lower than the value recorded in the second quarter of 2022 (N12.84tn) but was higher than the value recorded in the corresponding period of 2021 which stood at N10.47tn.
“Total Exports stood at N5.93tn of which Re-exports were N25.04bn, while total imports stood at N5.66tn. In the quarter under review, total exports declined by 19.89 per cent when compared to the second quarter of 2022 (N7.41tn) but it increased by 15.52 per cent of the value recorded in the third quarter of 2021 (N5.14tn).
“On the other hand, total imports increased by 4.22 per cent in the third quarter of 2022 when compared to the value recorded in the second quarter of 2022 (N5.44tn) and also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 (N5.34tn).”
The top five export destinations during that time, according to the statistics authority, were Indonesia, France, Spain, India, and the Netherlands. The top five importers were Belgium, China, The Netherlands, India, and the United States of America.
According to the NBS, 98.88% of all exports, or N5.87 trillion, were made up of goods that were shipped via water.
The Monthly Oil Market Report published by the Organization of the Petroleum Exporting Countries also claimed that the country’s crude oil production decreased to 900,000 barrels per day (b/d) in August.
The country’s crude oil production fell from 1 million barrels per day in July to 900,000 barrels per day in August, according to the OPEC report.
