The value of traded manufactured goods fell by a staggering 40% in Q1 2023, according to the National Bureau of Statistics’ Foreign Trade Statistics report, from N219 billion in the same quarter of the previous year to N131.1 billion.
According to the study, the overall trade in manufactured items in Q1 was N2.5 trillion, or 20.98% of all commerce.
Unwrought aluminum alloys shipped to Japan were the main export product in this category, amounting to N16.28 billion.
According to export data by region, manufactured goods were primarily sold to Asia for N52.2 billion, followed by other African nations for N42.44 billion and Europe for N24.78 billion.
The majority of manufactured items imported were “used cars with cylinder engines, either diesel or semidiesel capacity >2500cc’ from the United States and Canada valued at N59.5bn, N1.31bn, respectively, followed by ‘filters’ also imported from China worth N41bn. “