…As Manufactured Goods Exports’ Value Surges By 78.95%
Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2, 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023, the National Bureau of Statistics (NBS) has reported.
The Bureau gave these figures in its ‘Foreign Trade in Goods Statistics (Q2 2024)’ published Wednesday on its website.
It reported that in the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31% compared to the N19,167.36value recorded in in the preceding quarter, and a 201.76% rise over the N6,435.13 billion value recorded in Q2, 2023.
According to the statistics agency, in the quarter covered by the report, Nigeria’s exports trade continued to be dominated by crude oil exports, with a value of N14,559.56 billion, representing 74.98% of total exports.
The Bureau also disclosed that the value of non-crude oil exports totalled N4,859.37 billion, accounting for 25.02% of total exports; of which non-oil products contributed N1,944.25 billion or 10.01% of total exports.
A further decomposition of the merchandize trade components indicated that the value of total imports stood at N12,473.53 billion in the quarter, representing a decrease of 10.71% compared with the N13.970.05 billion value recorded in Q1, 2024, and a rise of 97.93% from the N6,301.95 billion value recorded in the corresponding quarter of 2023.
On the export side, the report listed the most exported commodities as crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
According to the NBS, the value of manufactured goods exports in Q2 2024 was N480.82 billion, reflecting a 78.95 % increase from N268.70 billion in Q1 2024 and a 126.65% increase from N212.14 billion in Q2 2023.
In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands, while Nigeria’s the top trading export partners were Spain, the United States of America, France, India, and The Netherlands.
