Traded manufactured goods lost 36% of their value, falling from N4.51 trillion in the second quarter of 2021 to N2.87 trillion in the same time of 2022.
This is in accordance with the National Bureau of Statistics’ foreign trade report for the second quarter of this year and its comparable quarter in 2021.
Statistics on foreign commerce track the items exchanged between two economies over a specific time period.
The value of traded consumer products fell as producers struggled with rising prices and a challenging business environment.
Manufactured products exports also fell precipitously over the time under consideration, from 211.67 billion in 2021 to N119.53 billion in 2022, a 43.5 percent fall in a single year.
The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Olusola Obadimu claims that manufacturers now have it harder to export due to unresolved port-related concerns.
He added that the country’s security situation has a substantial impact on farming activities, which supply a sizable portion of the raw materials utilized in manufacturing.
- Tags: #goods, #inflation, #manufacturedgoods
