dark

Nigeria’s Q3’22 foreign trade declines by ₦1.24trn

Foreign trade

Nigeria’s total foreign trade in the third quarter (Q3), fell 9.7% to ₦11.59 trillion from the ₦12.84 trillion recorded in Q2 2022, according to the latest Foreign Trade Report released yesterday by the National Bureau of Statistics (NBS).

Although the trade figure is a difference of ₦1.24 trillion, it was however, higher than the ₦10.472 trillion recorded in the corresponding period of 2021.

Trade balance, being the difference between export and import, fell to ₦269.3 billion or 86.3% compared to ₦1.97 trillion recorded in the previous quarter.

The NBS attributed the fall to the decline in crude oil exports, which fell from ₦5.91 trillion in Q2’22 to ₦4.66 trillion in Q3.

Broken down, the Total Exports stood at ₦5.933 trillion of which re-exports were ₦25.04 billion, while total imports stood at N5.664 trillion.

In the quarter under review, total exports declined by 19.89% when compared to the second quarter of 2022 (₦7.406.53 trillion) but increased by 15.52% (₦5.136 trillion) recorded in Q3’21.

The report continued: “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 (₦5.435 billion) and also grew by 6.16% when compared to the value recorded in the corresponding quarter of 2021 (₦5.335 trillion).”

Despite the Federal Government’s economic diversification efforts, oil and gas constituted the larger chunk — 92.62% of Nigeria’s total exports during the period in review. Crude oil alone made up 78.51% (₦4.658 trillion), and other petroleum oil products constituted 14.11% (₦837.33 billion).

Others are manufactured goods, 2.22% (₦131.46 billion); agriculture, where the government has pumped in huge sums of money through the Anchor Borrowers’ Programme recorded a paltry 1.42% (₦84.21 billion); and solid minerals, which Nigeria hopes to use to match earnings from crude recorded 0.04% (₦22.47 billion).

The fall in foreign trade was due to the decline in crude oil exports, which fell from ₦5.91 trillion in Q2’22 to ₦4.66 trillion in Q3.

Total imports

According to the NBS report: “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 (₦5,435.01 billion); and by 6.16%compared to the value recorded in the corresponding quarter of 2021 (₦5,335.86billion).”

• 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 the value recorded in the second quarter of 2022 (₦464.45 billion) and by 6.37% when compared to the value recorded in the corresponding quarter of 2021 (₦482.21billion).

• The value of raw material imports stood at ₦649.21 billion in Q3, 2022. The value fell by 6.74%, when compared to the value in Q2, 2022 (₦696.12 billion) but rose by 23.90% when compared to the value recorded in Q3, 2021 (₦523.97 billion).

• The value of solid minerals imports in the third quarter of 2022 stood at ₦37.66billion, this value was 2.58% lower than the value recorded in Q2, 2022 (₦38.66 billion) and 28.60% higher than the value recorded in Q3, 2021 (₦29.93billion).

• The value of energy goods imports stood at ₦4.28billion in Q3, 2022 which was (-58.49%) lower than the value recorded in the second quarter of 2022 (₦10.31billion) and (-20.34%) lower than the corresponding period value of 2021 (₦5.38 billion).

• The value of imported manufactured goods in the quarter under review stood at ₦2,849.96 billion with an increase of 3.41% against the value recorded in Q2, 2022 (₦2.756 trillion). This value also increased by 9.33% compared to the value recorded in Q3, 2021 (₦2.606 trillion).

• The value of other oil products imports in the third quarter of 2022 stood at ₦1.614 trillion indicating an increase of 9.11% from the value recorded in Q2, 2022 (₦1.479 trillion) but declined by 4.63% compared to the value recorded in the corresponding quarter of 2021(₦1.692 trillion).   

China, The Netherlands, India, Belgium, and the United States of America were the top five countries of origin of imports to Nigeria, the NBS said.

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

NNPC, ONHYM, five ECOWAS countries sign MoU on Nigeria-Morocco gas pipeline

Next Post

CBN restricts cash withdrawals to N100,000, N500,000 per week

Related Posts
Total
0
Share