Nigeria: Weak Export Drags Down Nigeria's Trade Balance By 86%

6 December 2022
Vanguard (Lagos)
By Elizabeth Adegbesan

Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 percent to N5.93 trillion in the third quarter of 2022, Q3'22, from N7.4 trillion in Q2'22, while import bill rose 4.2 percent to N5.66 trillion from N5.43 trillion.

As a result of the negative development in the export sector the total foreign trade recorded a 10 percent decline to N11.59 trillion in Q3'22 from N12.84 trillion in Q2'22, while the trade balance fell quarter-on-quarter (QoQ) by 86 percent to N269.3 billion in the Q3'22 from N1.97 trillion in Q2'22.

These were contained in the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for Q3'22 released yesterday.

The report stated: "In the third quarter of 2022, Nigeria's total trade stood at ¦ 11.59 trillion, this was lower than the value recorded in Q'22 (¦ 12.84 trillion) but was higher than the value recorded in the corresponding period of 2021 which stood at ¦ 10.47 trillion. Total exports stood at ¦ 5.93 trillion of which re-exports were ¦ 25.04 billion, while total imports stood at ¦ 5.66 trillion.

"In the quarter under review, total exports declined by 19.89 when compared to Q3'22 (¦ 7.4 trillion) but it increased by 15.5 percent of the value recorded n Q3'21 (¦ 5.13 trillion).

"On the other hand, total imports increased by 4.2 percent in Q3'22 when compared to the value recorded in Q2'22 (¦ 5.43 trillion) and also grew by 6.16 percent when compared to the value recorded in the corresponding quarter of 2021 (¦ 5.33 trillion).

"The balance of trade in the period under review stood at ¦ 269.34 billion.

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