Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2, 2024 representing a rise of 150.39% compared to the value recorded in the corresponding period of 2023.
However, there was a decrease of 3.76% over the value recorded in the preceding quarter, Q1 of 2024.
This was revealed in the National Bureau of Statistics Foreign Trade in Goods Statistics Report for Q2, 2024.
In the quarter under review, exports accounted for 60.89% of total trade with a value of N19,418.93 billion, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19,167.36) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6,435.13), according to the report.
‘Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14,559.56 billion representing 74.98% of total exports while the value of non crude oil exports stood at N4,859.37 billion accounting for 25.02% of total exports; of which non-oil product
s contributed N1,944.25 billion or 10.01% of total exports,’ the report added.
Source: Voice of Nigeria