According to the report from the National Bureau of Statistics, NBS, the drop in foreign trade was influenced mainly by the dwindling crude oil exports which have been directly influenced by the low production output due to crude oil theft and other challenges facing the oil and gas industry.
Nigeria's foreign trade drops to N11.59 trillion in Q3, 2022
The Foreign Trade in Goods Statistics report for the third quarter of 2022 has shown that Nigeria’s total merchandise trade dropped from N12.84 trillion in the second quarter of 2022 to N11.59 trillion in the third quarter of 2022 revealing a decrease of N1.24 trillion.
Nigeria's foreign trade drops to N11.59 trillion in Q3, 2022
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As a result, crude oil exports dropped from N5.91 trillion in the second quarter of 2022 to N4.66 trillion in the third quarter of 2022. It is also important to note that the decline has been in place for three straight quarters.
In Q1, Nigeria’s total trade stood at N13 trillion, it further dropped to N12.84 trillion in the second quarter. Further details also showed that the figures have continued declining as its data for Q3 reveals the figure currently stands at 11.59 trillion.
For the year-on-year value, the total trade volume for Q3 2022 (11.59 trillion) was higher than the value recorded in the corresponding period of 2021 which stood at N10.47 trillion.
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The report also showed that In the quarter under review (Q3), total exports - N5.93 trillion, declined by 19.89 percent when compared to the second quarter of 2022 - N7.41 trillion. On a year-on-year basis, there was a 15.52 percent increase when compared to the value recorded in the third quarter of 2021 - (N5.14 trillion).
Total imports in the third quarter increased by 4.22 percent (5.93 trillion), when compared to the value recorded in the second quarter of 2022 - N5.44 trillion.
The total imports also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 - N5.34 trillion.
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