Trade surplus notches N2tr on oil export rise
By Jeph Ajobaju, Chief Copy Editor
A total N2 trillion was recorded as trade Nigeria’s surplus in the second quarter ended June (Q2 2022) with N7.4 trillion exports and N5.4 trillion imports, a positive difference of 37 per cent.
But total merchandise trade dropped by N200 billion or 1.5 per cent to N12.8 trillion quarter-on-quarter (QoQ) from N13 trillion in Q1 2022, according to the latest report of the National Bureau of Statistics (NBS) on Foreign Trade in Goods Statistics.
The value of crude oil exports, which was 79.7 per cent of total exports in Q2 2022, rose 5.1 per cent to N5.9 trillion from N5.6 trillion in Q1 2022.
“Exports by section revealed that Nigeria exported mainly mineral products which amounted to N6.7 trillion, or 91.46 percent of total export value; followed by ‘Products of the chemical and allied industries’, which were valued at N318.51billion (or 4.3 percent of the value of total exports) and ‘Vegetable products’ worth N100.12 billion (1.35 percent of the value of total exports), the report said.
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Oil dominates exports
“The value of exports trade in Q2’22 was dominated by crude oil exports valued at N5.9 trillion which accounted for 79.7 percent of total exports while non-crude oil exports value stood at N1.49 trillion or 20.2 percent of total exports of which non-oil products contributed N675.08 billion representing 9.11 percent of total exports.”
“During the second quarter of 2022, total imports were valued at N5.4 trillion accounting for 42.3 percent of total trade,” the report added, per Vanguard.
“The import value fell by 7.9 percent in Q2’22 compared to the value recorded in Q1’22 but increased by 15.8 percent compared to the imports value in Q2’21.”
Merchant trade down by N200b
“Nigeria’s total merchandise trade stood at ₦12.8 trillion in Q2’22, indicating a marginal decrease of 1.5 per cent over the value recorded in Q1’22 and 32 per cent higher when compared to the value recorded in Q2’21.
“The value of total export stood at ₦7.4 trillion in Q2’22, the value accounted for 57.7 per cent of total trade.
“The export value rose in Q2’22 by 4.3 percent against the level recorded in Q1’22 and by 47.5 per cent when compared to Q2’21.”
