Nigeria’s total exports drop by 5.20% in Q2 2023, says NBS
The National Bureau of Statistics (NBS) on Thursday disclosed that Nigeria’s total exports stood at N7.02trillion in second quarter of 2023, a decline of 5.20 per cent when compared with the N7.4trillion recorded in the second quarter of 2022.
However total exports gained 2.99per cent to N5.56 trillion in Q1 2023.
The bureau in its “Foreign Trade in Goods Statistics (Q2 2023)” said the value of agricultural goods exports stood at N280.87 billion in Q2, 2023, showing an increase of 0.44per cent over the value recorded in Q1 2023 (N279.64 billion) and a rise of 98.12 per cent when compared to the value recorded in Q2, 2022 (N141.77 billion).
According to the report, “The value of raw material goods exports in Q2, 2023 was valued at N145.62 billion, this represents a decrease of 27.15per cent and 60.76per cent when compared to the value recorded in Q1, 2023 (N199.89 billion) and Q2, 2022 (N371.10 billion) respectively.
“The value of solid minerals exports in Q2, 2023 was valued at N34.09 billion indicating an increase of 31.00per cent over the value recorded in Q1, 2023 (N26.02billion) and a 62.43per cent increase when compared to the value recorded in the corresponding quarter in 2022 (N20.99 billion).
“The exports value of energy goods in Q2, 2023 stood at N15.96 billion indicating an increase of 2.34per cent when compared to the value recorded in Q1, 2023 (N15.59 billion) and declined by 0.60per cent compared to Q2, 2022 (N16.05 billion).
“The value of manufactured goods exports was valued at N212.14 billion in Q2, 2023. This represents an increase of 61.76per cent and 77.47per cent when compared to the value recorded in Q1 2023 (N131.15 billion) and Q2 2022 (N119.53 billion) respectively.
“The value of crude oil exports in Q2, 2023 stood at N5,586.29 billion indicating an increase of 8.50 per cent compared to the value recorded in Q1, 2023 (N5,148.58 billion); and though declined by 5.44per cent when compared to the same period in 2022 (N5,907.97 billion).
“The value of other oil products exports in Q2, 2023 was N740.74 billion, this showed an increase of 7.95per cent but declined by 10.05% when compared to the value recorded in Q1, 2023 (N686.17billion) and the value in the second quarter of 2022 (N823.48 billion) respectively.”
On export, the value of total exports in Q2, 2023 stood at N7.02trillion indicating an increase of 8.15per cent when compared with the value of exports in Q1, 2023 (N6.49trillion) but decreased by 5.20per cent when compared with the value recorded in the second quarter of 2022 (N7.4trillion).
“The value of agricultural goods exports stood at N280.87 billion in Q2, 2023, showing an increase of 0.44per cent over the value recorded in Q1 2023 (N279.64 billion) and a rise of 98.12per cent when compared to the value recorded in Q2, 2022 (N141.77 billion).
“The value of raw material goods exports in Q2, 2023 was valued at N145.62 billion, this represents a decrease of 27.15per cent and 60.76 per cent when compared to the value recorded in Q1, 2023 (N199.89 billion) and Q2, 2022 (N371.10 billion) respectively.
“The value of solid minerals exports in Q2, 2023 was valued at N34.09 billion indicating an increase of 31per cent over the value recorded in Q1, 2023 (N26.02billion) and a 62.43per cent increase when compared to the value recorded in the corresponding quarter in 2022 (N20.99 billion).”
