Nigeria reported total international trade of N12. 84 trillion in the second quarter of 2022, up 32.2% from the same time in 2021. (N9.71 trillion). But as compared to the previous quarter, it fell slightly from N13 trillion, down 1.2%.
This is stated in the National Bureau of Statistics’ most current report (NBS). The international trade balance increased to N1. 97 trillion, the highest level in four years, according to the report. The favorable trade balance can be attributable to the import bill significantly outstripped by export revenue.
Nigeria made N7. 41 trillion from exports during the review period, compared to N5.02 trillion during the same time in 2021. This shows an increase of 47.5% from the previous year.
A further breakdown of the report showed that crude oil export rose by 45.1% year-on-year to N5.91 trillion in Q2 2022.