Nigeria recorded total foreign trade of N12.84 trillion in the second quarter of 2022, a 32.2% increase over the same period in 2021. (N9.71 trillion). However, when compared to the previous quarter, it fell by 1.2% to N13 trillion).
This is stated in the National Bureau of Statistics’ most recent report (NBS). The international trade balance increased to N1.97 trillion, the highest in four years, according to the report. The positive trade balance can be attributed to a significant increase in export earnings relative to import bills.
Nigeria earned N7.41 trillion from exports in the period under review, compared to N5.02 trillion in the same period in 2021. This represents a 47.5% increase year on year.
Imports, on the other hand, increased 15.8% year on year to N5.44 trillion. However, it fell by 7.9% when compared to the previous quarter.
According to the report, crude oil exports increased by 45.1% year on year to N5.91 trillion in Q2 2022, the highest on record, according to NBS data. Non-crude oil exports increased by 58.2% year on year to N1.49 trillion.