The National Bureau of Statistics (NBS) reports that Nigeria’s total merchandise trade reached N31,892.46 billion in the second quarter of 2024.
This data is detailed in the NBS Foreign Trade in Goods Statistics Report for Q2 2024, released in Abuja on Thursday.
According to the NBS, this figure reflects a 3.76 percent decrease from the value recorded in Q1 2024 but represents a 150.39 percent increase compared to Q2 2023.
The report indicates that total exports amounted to N19,418.93 billion, making up 60.89 percent of the total trade, while total imports were N12,473.53 billion.
Additionally, total exports saw a 1.31 percent rise from the N19,167.36 billion recorded in the first quarter of 2024.
“Also, total exports in Q2 2024 increased by 201.76 per cent when compared to Q2 2023, which was recorded at N6,435.13 billion.”
The report, however, said total imports decreased by 10.71 per cent compared to the value recorded in the first quarter of 2024 at N13.970.05 billion.
“Total imports increased by 97.93 per cent when compared to the value recorded in Q2 2023 at N6,301.95 billion.”
It said in Q2 2024, Nigeria’s export trade continued to be dominated by crude oil exports valued at N14,559.56 billion, which represented 74.98 per cent of total exports.
The NBS said the value of non-crude oil exports stood at N4,859.37 billion, which represented 25.02 per cent of total exports in Q2 2024.
“Non-oil products contributed N1,944.25 billion, or 10.01 per cent of total exports.”
The report highlighted that Nigeria’s top export trading partners in Q2 2024 were Spain, the U.S., France, India, and the Netherlands.
On the import side, China remained Nigeria’s leading trading partner, with Belgium, India, the United States, and the Netherlands following.