Nigeria recorded a total foreign trade of N11.59 trillion in the third quarter of 2022, representing a 9.7 per cent decline compared to N12.84 trillion recorded in the second quarter of 2022.
This is, however, 10.7 per cent higher than the N10.47 trillion recorded in the third quarter of 2021.
The latest stat is contained in the newly released foreign trade report by the National Bureau of Statistics (NBS).
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. Specifically, crude oil export fell by 21.2 per cent to N4.66 trillion in the third quarter of 2022 from N5.91 trillion recorded in the previous quarter.
Further breakdown: Imports increased by 4.2 per cent quarter-on-quarter to N5.66 trillion compared to N5.44 trillion recorded in the second quarter of 2022, while it increased by 6.2 per cent from N5.34 trillion recorded in the corresponding period of 2021.
Also, export fell by 19.9 per cent to N5.93 trillion in the third quarter of 2022 from N7.41 trillion recorded in the second quarter of 2022, although it increased by 15.5 per cent on a year-on-year basis.
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).
The top five export destinations in the third quarter of 2022 were Spain with a share of 14.72 per cent, India with 10.44 per cent, France with 7.25 per cent, the Netherlands and Indonesia with 7.09 per cent and 7.00 per cent, respectively.
Nigeria’s international trade suffered a pull-back in 2020, following the covid-19 pandemic. However, trading activities have picked up as most economies have lifted the ban on cross—border movements in the country.
Also, the sustained debacle between global oil power, Russia and other western economies due to its attack on Ukraine, which has seen the price of crude oil remain the high has also benefited Nigeria’s export earnings, although inadequate production and oil theft have restricted the growth in earnings.