According to figures from the National Bureau of Statistics, Nigeria’s exports decreased by approximately 20% in the third quarter, coming in at N5.933 trillion compared to the N7.406 trillion reported in the second quarter of 2022.
Nigeria’s total commerce in the third quarter of this year was $11,597.93 billion, which was less than the amount reported in the second quarter of 2022 of $12,841.54 billion.
It was more than the figure of $10,472.42 billion that was reported for the same time in 2021, though. Total exports were 5,933.63 billion, of which 25.04 billion were re-exports, while total imports were 5,664.30 billion.
NBS said that while overall exports were down 19.89% from the second quarter of 2022, they were up 15.52% from the third quarter of 2021’s value of 5,136.56 billion.
However, as compared to the amount reported in the second quarter of 2022, when $5,435.01 billion was reported, total imports rose by 4.22% in the third quarter of 2022.
When compared to the sum reported in the equivalent quarter of 2021, when Nigeria reported 5,335.86 billion, this represents an increase of 6.16%.
NBS reports that the value of re-Exports was $25.04 billion in the third quarter of 2022, up 160.16% from the figure reported in the second quarter of 2022, although declined by 86.07% compared to the corresponding quarter of 2021 when it settled at ₦179.81 billion.
The top five re-export destinations for the reviewed quarter were Cote d’Ivoire, Ghana, the United Kingdom, China, and the Netherlands.
Vessels and other floating structures for breaking up were the largest re-exported product at 8,046.60 billion, followed by floating or submersible drilling or production platforms at 4,966.63 billion.
It contains $3,434.73 billion worth of “Aeroplanes and other aircraft, with an un-laden weight exceeding 15,000 kg.” The top five export destinations in the third quarter of 2022 were Spain (14.72%), India (10.44%), France (7.25%), the Netherlands (7.09%), and Indonesia (7.00%), in that order.
The top five nations together contributed for 46.49% of the total export value, which was $5,933.63 billion. Petroleum oils and oils produced from bituminous materials, crude, had the highest export values during the period under review with a value of 4,658.30 billion, or 78.51%, followed by “Natural gas, liquefied,” at 757.36 billion.
This represents 12.76% of total exports, followed by “Urea, whether or not in aqueous solution,” which accounts for 133.17 billion or 2.24%.
The top five countries of origin for imports into Nigeria were China, The Netherlands, India, Belgium, and The United States of America. 3,330.70 billion was the total value of imports from the top five nations, or 58.80% of the total value.
The commodities with the largest values among the top imported products were ‘Motor Spirit ordinary’ (₦1,199.64 billion), ‘Gas Oil’ (₦261.60billion), and ‘Durum wheat ’(₦252.62 billion).
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 when it settled at ₦5,435.01 billion.
This translates to a 6.16% increase when compared to the value recorded in the corresponding quarter of 2021 when Nigeria reported ₦5,335.86 billion. READ: Nigeria’s Private Sector Output Rises Sharply in October – PMI
Then, 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 ₦464.45 billion recorded in the second quarter of 2022.
The value of raw material imports stood at ₦649.21 billion in Q3, 2022. The value fell by 6.74%, when compared to ₦696.12 billion in Q2, 2022 but rose by 23.90% when compared to ₦523.97 billion recorded in Q3, 2021. # Nigeria’s Exports Decline Sharply in Q3
