Oluyinka Onigbinde
India, Spain, Netherlands, United States of America (USA) and Indonesia are the top five export destinations of Nigeria for the second quarter of 2022. Checks by Shipping Position Daily have revealed.
India remained as the nation’s highest export destination with a share of 14.85%, followed by Spain with 13.98%, The Netherlands with 12.35%, the United States of America and Indonesia with 8.93% and 8.45%, respectively.
According to data obtained from National Bureau of Statistics (NBS), the top five countries accounted for a share of 58.55% of the total value of exports which stood at N7.40 trillion.
The commodity with the largest export value in the period under review was Petroleum oils and oils obtained from bituminous minerals, crude’ with N5,907.97 billion representing 79.77%, followed by ‘Natural gas, liquefied’ with N735.60 billion accounting for 9.93%, and ‘Urea, whether or not in aqueous solution’ with N308.14 billion or 4.16% of total exports.
Similarly, Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroun and Turkey were the top five re-export destinations.
The most re-exported commodity groups were ‘light vessels, fire-floats, floating cranes, and other vessels not specified in 8905’ (₦2.99billion) followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage> 500 tonnes’ valued at (₦2.55 billion) and ‘Mech. propelled vessels for the transport of goods, gross tonnage not specified in 8901’ amounting to (₦2.53 billion).
In terms of imports in the second quarter of 2022, China, Belgium, India, The Netherlands and the United States of America were the top five countries of origin of imports to Nigeria.
The value of imports from the top five countries amounted to N3,136.72billion, representing a share of 57.71% of the total value of imports.
The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (N948.76 billion), ‘Gas Oil’ (N357.37billion), and ‘Durum wheat (Not in seeds)’ (N242.67 billion)
The report also states that, in the second quarter of 2022, Nigeria’s total trade stood at ₦12,841.54 billion, this was lower than the value recorded in the first quarter of 2022 (₦13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at ₦9,712.02 billion. Total Exports were ₦7,406.53 billion of which Re-exports stood at ₦9.63 billion, while total imports stood at ₦5,435.01 billion.
In the quarter under review, total exports increased by 4.31% when compared to the first quarter of 2022 (₦7,100.46 billion) and by 47.55% of the value recorded in the second quarter of 2021 (₦5,019.68 billion).
On the other hand, total imports decreased by 7.89% in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (₦5,900.83 billion) and grew by 15.83% when compared to the value recorded in the corresponding quarter of 2021 (₦4,692.33 billion).
Re-exports in the second quarter of 2022, which stood at ₦9.63 billion; decreased when compared to the same quarter of 2021 (₦64.39 billion) and also, in the first quarter of 2022 (₦115.80 billion) by 85.05% and 91.68% respectively, accounting for 9.93%, and ‘Urea, whether or not in aqueous solution’ with ₦308.14 billion or 4.16% of total exports.
In terms of Imports (CIF), in the second quarter of 2022, China, Belgium, India, The Netherlands and the United States of America were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to ₦3,136.72billion representing a share of 57.71% of the total value of imports.
The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ (₦948.76 billion), ‘Gas Oil’ (₦357.37billion), and ‘Durum wheat (Not in seeds)’ (₦242.67 billion).
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The value of total imports stood at ₦5,435.01billion in the second quarter of 2022, this decreased by 7.89% when compared with the value recorded in Q1, 2022 (₦5,900.83billion); but increased by 15.83% compared to the value recorded in the corresponding quarter of 2021 (₦4,692.33billion).
The value of agricultural imports in the second quarter of 2022 stood at ₦464.45 billion showing an increase when compared to the value recorded in the first quarter of 2022 (₦443.36 billion) by 4.76%, and by 13.70% when compared to the value recorded in the corresponding quarter of 2021 (₦408.49 billion).
The value of raw material imports stood at ₦696.12billion in Q2, 2022. The value grew by 100%, when compared to the value in Q1, 2022 but rose by 41.22% when compared to the value recorded in Q2, 2021 (₦492.93billion).
The value of solid minerals imports in the second quarter of 2022 stood at ₦38.66billion, this value was 5.92% lower than the value recorded in Q1, 2022(₦41.09billion) and 28.60% higher than the value recorded in Q2, 2021 (₦30.06billion).
The value of energy goods imports stood at ₦0.01 billion in Q2, 2022 which was 100% higher than the value recorded in the first quarter of 2022 (₦0.0billion) and the corresponding period of 2021 (₦0.001billion).
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