Nigeria’s trade surplus rose by 33.9 per cent quarter-on-quarter (QoQ) to N67.95 trillion in the second quarter of 2024 from N5.19 trillion in Q1 2024.
The National Bureau of Statistics (NBS) disclosed this yesterday in its Foreign Trade in Goods Statistics Report for Q2 2024.
According to NBS, imports fell by 10.7 per cent QoQ to N12.47 trillion in Q2’24 from N13.97 trillion in Q1’24.
However, exports grew by 1.57 per cent to N19.4 trillion in Q2’24 from N19.1 trillion in Q1’24.
The report stated: “Nigeria’s total merchandise trade stood at N31.89 trillion in Q2’24 representing a decrease of 3.76 percent over the value recorded in the preceding quarter and a rise of 150.39 percent compared to the value recorded in the corresponding period of 2023.
“In the quarter under review, exports accounted for 60.89 percent of total trade with a value of N19.42 trillion, showing a marginal increase of 1.31 percent compared to the value recorded in Q1 2024 (N19.17 trillion) and a 201.76 percent rise over the value recorded in the second quarter of 2023 (N6.44 trillion).”
On exports, NBS said: “Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at ?14.56 trillion representing 74.98 percent of total exports while the value of non-crude oil exports stood at ?4.86 trillion accounting for 25 percent of total exports; of which non oil products contributed N1.94 trillion or 10 percent of total exports.
“Share of total imports accounted for 39.1 percent of total trade in the second quarter of 2024 with the value of imports amounting to N12.47 trillion in Q2, 2024.
“This value indicates a decrease of 10.71 percent over the value recorded in Q1 2024 (N13.97 trillion) and a rise of 97.93 percent compared to the value recorded in Q2’23 (N6.3 trillion).
