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Q3’22: Nigeria’s foreign trade earnings drop to N11.5bn

Nigeria recorded a slump in her foreign trade earnings in the third quarter of 2022, netting a sum of N11.597 billion, an amount lower than N12.841 billion recorded in the second quarter 2022. Foreign trade in goods statistics (Q3’22) released by National Bureau of Statistics, NBS, yesterday said the figure was higher than the value recorded in the corresponding period of 2021, which stood at N10.472 billion.

Total exports stood at N5.933 billion of which re-exports were N25.04 billion, while total imports stood at N5.664.30 billion. In the quarter under review, total exports declined by 19.89 per cent when compared to the second quarter of 2022 (N7.406 billion) but it increased by 15.52 per cent of the value recorded in the third quarter of 2021 (N5.136.56billion). On the other hand, total imports increased by 4.22 per cent in the third quarter of 2022 when compared to the value recorded in the second quarter of 2022 (N5.435 billion) and also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 (N5.335 billion).

The value of re-exports in the third quarter of 2022 stood at N25.04 billion, showing an increase of 160.16 per cent compared to the value recorded in the second quarter of 2022. It, however, declined by 86.07 per cent compared to the corresponding quarter of 2021 (N179.81 billion). In the quarter under review, the top five reexport destinations were Cote d’Ivoire, Ghana, United Kingdom, China and The Netherlands while the most re-exported commodity were ‘vessels and other floating structures for breaking up’ with N8.046 billion, this was followed by ‘floating or submersible.

 

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