According to the most recent data on foreign trade issued by the National Bureau of Statistics (NBS) on Thursday, Nigeria’s total foreign trade was N12.741.96 billion in the second quarter of 2023.
According to the report, overall imports were N5,726.25 billion while total exports were N7.015.72 billion.
According to NBS, the nation’s overall exports increased by 8.15% from the level seen in Q1 2023, which came in at N6,487.04 billion but down by 5.20% from the same period in 2022.
Sales Of Crude Oil Increased By 46% To N21Trillion – NBS
However, total imports decreased by 10.37 percent when compared to the value recorded in the corresponding quarter of 2022 (N6,388.51 billion)., while total exports climbed by 2.99 percent compared to the value recorded in the first quarter of 2023 (N5,559.88 billion).
With N5,586.29 billion, or 79.63 percent of total exports, petroleum oils and crude oils derived from bituminous minerals had the highest export value in the second quarter of 2023. Liquefied natural gas came in second with N639.37 billion, or 9.11 percent, and urea came in third with N81.21 billion, or 1.16%.
Similarly, Motor Spirit (N1,230.95 billion, or 21.50 percent), used cars with diesel or semi-diesel engines with cylinder capacities greater than 2500cc (N733.92 billion, or 12.82 percent), and petrol oil (N230.83 billion, or 4.03 percent) were the commodities with the highest prices of imported goods.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.