By Tony Obiechina, Abuja
Nigeria’s total merchandise trade decreased by about N1.24 trillion to N11.60 trillion in the third quarter of the year (Q3 2022) compared to N12.84 trillion in the preceding quarter, the National Bureau of Statistics (NBS) has revealed.
The export component of trade dropped to N5.93 trillion, representing 19.89 per cent decline over the preceding quarter and accounted for 51.16 per cent of total trade in the review period.
According to the Foreign Trade in Goods Statistics for Q3 2022, which was posted on its website, total imports, however, increased by 4.22 per cent to N5.66 trillion in Q3.
According to the NBS, imports accounted for 48.84 per cent of total trade. As a result, the balance of trade in the period under review stood at N269.34 billion.
It also showed that exports trade was dominated by crude oil exports valued at N4.66 trillion, representing 78.51 per cent of total exports while non-crude oil exports stood at N1.28 trillion or 21.49 per cent of total exports.
Non-oil products contributed N438.00 billion representing 7.38 per cent of total exports, the NBS stated.
Crude oil exports in Q3 however, decrease by 21.15 per cent compared to Q2 while other oil products exports was N837.33 billion, representing a marginal increase of 1.68 per cent compared to N823.48 billion in Q2.
Nigeria’s top five export destinations were Spain with a share of 14.72 per cent, followed by India with 10.44 per cent, France 7.25 per cent, the Netherlands and Indonesia with 7.09 per cent and 7 per cent respectively.
In monetary terms, Spain contributed N873.62 billion while India, France, The Netherlands, and Indonesia accounted for N619.22 billion, N430.40billion, N420.41 billion and N415.16 billion of export trade respectively. These five countries collectively accounted for 46.49 per cent of the value of total exports valued at N5.93 trillion in Q3.
The commodity with the largest export values in the period under review was ‘petroleum oils and oils obtained from bituminous minerals, crude’ with N4.65 trillion, representing 78.51 per cent, followed by natural gas, liquefied with N757.36 billion accounting for 12.76 per cent, and urea, whether or not in aqueous solution N133.17 billion or 2.24 per cent of total exports.
