Nigeria’s overall goods trade was valued at N31,892.46 billion in the second quarter of 2024, according to the National Bureau of Statistics (NBS).
This is based on the NBS Foreign Trade in Goods Statistics Report for Q2 2024, which was made public on Thursday in Abuja.
According to the NBS, the data showed a 150.39 percent increase over the value recorded in Q2 2023 and a reduction of 3.76 percent over the value recorded in Q1 2024.
According to the report, total imports were N12,473.53 billion, while total exports were N19,418.93 billion, or 60.89 percent of overall commerce.
“Also, total exports in Q2 2024 increased by 201.76 per cent when compared to Q2 of 2023 which was recorded at N6,435.13 billion.”
However, the study stated that overall imports fell by 10.71 percent when compared to the N13.970.05 billion value recorded in the first quarter of 2024.
“Total imports increased by 97.93 per cent when compared to the value recorded in Q2 2023 at N6,301.95 billion.”
According to the report, Nigeria’s export trade remained dominated by crude oil shipments in Q2 2024, with a value of N14,559.56 billion, or 74.98% of total exports.
According to the NBS, non-crude oil exports were valued at N4,859.37 billion in Q2 2024, accounting for 25.02 percent of all exports.
“ Non-oil products contributed N1,944.25 billion or 10.01 per cent of total exports.”
According to the survey, Spain, the United States, France, India, and the Netherlands were the top trading partners in Q2 2024.
However, it stated that in terms of imports, China continued to be Nigeria’s top trading partner, followed by Belgium, India, the US, and the Netherlands.
