From Isaac Anumihe, Abuja
Nigeria’s total trade in the fourth quarter of 2022, stood at N11,722.44 billion (as against N11,597.93 billion in the third quarter) of which total exports stood at N6,359.61 billion and total imports amounted to N5,362.83 billion.
A statement obtained from National Bureau of Statistics (NBS) website stated that on an annual basis, total trade was N52,387.30 billion and total imports amounted to N25,590.55 billion.
Also, total exports were recorded at N26,796.75 billion.
The statement also noted that total exports increased in the fourth quarter by 7.17 per cent and 10.28 per cent 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.
“Conversely, total imports declined by 15.46 per cent 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 per cent when compared to the value recorded in the corresponding quarter of 2021 (N5,940.58 billion)” NBS, said.
According to the bureau, re-export’s value in the quarter under review stood at N199.59 billion representing 3.14 per cent 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. This was followed by ‘cruise ships and similar vessels for the transport of persons or goods valued at N14.78 billion and ‘refrigerated vessels, other than those of subheading 8901.20, of a capacity amounting to N13.16 billion.
Meanwhile, the total trade in the third quarter of 2022 stood at N11,597.93 billion.
This, the bureau, said, was lower than the value recorded in the second quarter of 2022 (N12,841.54 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at N10,472.42 billion.
The bureau also noted that the total exports stood at N5,933.63 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 (N7,406.53 billion) but it increased by 15.52 per cent of the value recorded in the third quarter of 2021 (N5,136.56 billion).
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 (N5,435.01billion) and also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 (N5,335.86 billion).
However, 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 but declined by 86.07 per cent compared to the corresponding quarter of 2021 (N179.81 billion).
In the quarter under review, the top five re-export 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 N8,046.60 billion. This was followed by ‘floating or submersible drilling or production platforms’ valued at M4,966.63 billion and ‘aeroplanes and other aircraft, of an un-laden weight exceeding 15,000 kg’ amounting to N3,434.73 billion.