Nigeria’s Total Trade Dips to N11.598 Trillion in Q3 2022 on Weaker Exports

The total value of Nigeria’s merchandise trade declined from N12.842 trillion recorded in the second quarter (Q2) of 2022 to N11.598 trillion in Q3 2022, the National Bureau of Statistics (NBS) report has shown.

Despite the decline recorded in the quarter under review, it was higher than the N10.472 trillion reported in the corresponding period of 2021.

The country’s total imports stood at N5.664 trillion while exports accounted for N5.933 trillion of the total trade value.

Breaking down the numbers for the quarter, total exports dipped from N7.406 trillion recorded in the second quarter of 2022 to N5.933 trillion, representing a 19.89% decline. This was however 15.52% higher than the N5.136 trillion recorded in the third quarter of 2021.

The decline in exports highlighted the drop in Nigeria’s crude oil production to below 1 million barrels a day and subsequently the value of the nation’s exports.

On the other hand, imports surged in the third quarter by 4.22% when compared to N5.435 trillion filed in the second quarter of 2022 and it was 6.16% higher than N5.335 trillion recorded in the corresponding quarter of 2021. Suggesting that while exports were depreciating, imports were on the rise.

The bureau puts the value of reexports at N25.04 billion in the period under review, representing an increase of 160.16% when compared to the value recorded in the second quarter of 2022 but declined by 86.07% when compared to the N179.81 billion filed in the corresponding quarter of 2021.

During the quarter under review, Cote d’Ivoire, Ghana, United Kingdom, China and The Netherlands were the top five re-export destinations.

While the most re-exported commodity were ‘Vessels and other floating structures for breaking up’. Followed by ‘Floating or submersible drilling or production platforms’ valued at N4,966.63 billion and ‘Aeroplanes and other aircraft, of an un-laden weight exceeding 15,000 kg’ amounting to N3,434.73 billion.