Nigeria’s total trade stood at N11,722.44 billion in the fourth quarter of 2022, a National Bureau of Statistics report has shown.
The NBS Foreign Trade in Goods Statistics Report for Q4 2022 published on the bureau’s website on Friday said total exports stood at N6,359.61 billion and total imports stood at N5,362.83 billion.
The report said on an annual basis, total trade was N52,387.30 billion, total imports amounted to N25,590.55 billion, and total exports were recorded at N26,796.75 billion.
Furthermore, on an annual basis, total trade was N52,387.30 billion, total imports amounted to N25,590.55 billion, and total exports were recorded at N26,796.75 billion.
Total Exports
The report further indicated that total exports increased in the fourth quarter by 7.17% and 10.28% when compared to the amount recorded in the third quarter of 2022 (N5,934.15 billion) and the corresponding quarter in 2021 (N5,766.62 billion) respectively.
Imports Decline
Meanwhile, according to the report, total imports declined by 15.46% in the fourth quarter of 2022 compared to the value recorded in the third quarter of 2022 (N6,343.53 billion) and fell by 9.73% when compared to the value recorded in the corresponding quarter of 2021 (N5,940.58 billion).
“Re-export’s value in the quarter under review stood at N199.59 billion representing 3.14% of total exports.
“The top five re-export destinations were Namibia, Equatorial Guinea, Cameroun, Ghana, and Togo while the most re-exported commodity was ‘Floating or submersible drilling or production platforms with N142.02 billion,” the NbS report showed.
“This was followed by ‘Cruise ships and similar vessels for the transport of persons or goods <=500 tonnes’ valued at N14.78 billion and ‘Refrigerated vessels, other than those of subheading 8901.20, of a capacity > 500 tonnes’ amounting to N13.16 billion,” it added.
