Oil export: Nigeria’s Q3 foreign trade drops to N11.6trn

Alade Abayomi ADeleke
Alade Abayomi ADeleke

Nigeria recorded a total foreign trade of N11.59 trillion in the third quarter of 2022, representing a 9.7% decline compared to N12.84 trillion recorded in Q2 2022.

 

The National Bureau of Statistics’ newly published foreign trade report contained these information.

 

While this statistics reveals a decline from quarter to quarter, it is, however, 10.7% higher than the N10.47 trillion recorded in Q3 of 2021.

 

Nigeria’s international trade fell to its lowest level since the third quarter of last year as a result of a huge decline in crude oil export earnings.

 

Between the second and third quarter of 2022, crude oil export fell by 21.2% to N4.66 trillion from N5.91 trillion.

 

While exports fell, imports, on the other hand, increased by 4.2% between Q2 and Q3 to N5.66 trillion compared to N5.44 trillion recorded in Q2 2022, while it increased by 6.2% from N5.34 trillion recorded in the corresponding period of 2021.

 

Also, there was a N1.48 trillion fall in export from N7.41 trillion recorded in Q2 2022 to N5.93 trillion in Q3 2022, even though it was an increase of 15.5% on a year-on-year basis (Q3 2021: N5.14 trillion).

 

The value of Re-Exports in Q3 of 2022 stood at N25.04 billion, showing a 160.16% increase when compared to the value recorded in Q2, however, this was yet a decline by 86.07% compared to the corresponding quarter of 2021 recorded as N179.81 billion.

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