Data released by the National Bureau of Statistics (NBS) showed that Nigeria’s total exports in Q2 2024 valued ₦19,418.93 billion, reflecting a 1.31% increase compared to ₦19,167.36 billion in Q1 2024 and a 201.76% rise compared to ₦6,435.13 billion in Q2 2023.
According to the report entitled ‘Foreign Trade in Goods Statistics (Q2 2024)’ released on Wednesday, exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a 5.93% decrease from ₦1,035.02 billion in Q1 2024 and a 246.67% rise from ₦280.87 billion in Q2 2023.
The value of raw material exports in Q2 2024 was ₦366.91 billion, a rise of 4.01% from ₦352.75 billion in Q1 2024 and by 151.96% from ₦145.62 billion in Q2 2023.
Solid mineral exports in Q2 2024 were valued at ₦58.56 billion, marking a 7.65% decrease from ₦63.41 billion in Q1 2024 and a 71.79% rise from ₦34.09 billion in Q2 2023.
The value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95 % increase from ₦268.70 billion in Q1 2024 and a 126.65% increase from ₦212.14 billion in Q2 2023.
Crude oil exports in Q2 2024 were valued at ₦14,559.56 billion, a decrease of 5.99% from ₦15,486.63 billion in Q1 2024 and increased by 190.86% from ₦5,005.71 billion in Q2 2023.
Other oil product exports in Q2 2024 stood at ₦2,915.12 billion, showing an increase of 53.28% from ₦1,901.88 billion in Q1 2024 and a 293.54 % rise from ₦740.74 billion in Q2 2023.
The report stated that that the top trading export partners during the period in review were Spain, the United States of America, France, India, and The Netherlands.
The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
For imports, NBS said the total value stood at ₦12,473.53 billion in the second quarter of 2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (₦13.970.05 billion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (₦6,301.95 billion).
The value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96% when compared to ₦920.54 billion in Q1 2024, and an increase of 96.38% compared to ₦ 454.85 billion in Q2 2023.
In Q2 2024, raw material imports were valued at ₦1,481.50 billion. This represents a 0.96% increase from ₦1,467.41 billion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023.
In the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61% increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023.
In the reviewed quarter, the value of imported manufactured goods was ₦5,576.67 billion, reflecting a 2.82% decline from ₦5,738.32 billion in Q1 2024 and an 84.67% rise from ₦3,019.78 billion in Q2 2023.
The value of other oil products imports in Q2, 2024 stood at ₦4,425.31 billion showing a decrease of 23.34% from ₦5,772.35 billion in Q1 2024 and a 98.64% rise from ₦2,227.84 billion in Q2 2023.
During the period, China remained Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.
The most traded commodities during the quarter were motor spirit ordinary, gas oil, durum wheat, butanes and cane sugar meant for sugar refinery.
