The National Bureau of Statistics (NBS) has disclosed that Nigeria has recorded N1.2 trillion trade surpluses in the first quarter of the year 2022. This was contained in the Bureau’s report for the first quarter titled; Foreign Trade in goods Statistics (Q1 2022). According to experts, a surplus is an economic indicator that shows a positive trade balance in which the export of a nation outweighs its import.
During the first quarter, Nigeria's total trade stood at N13 trillion, and it stand higher than the value recorded in Q4 2021 (N11.7 trillion) and the value recorded in the corresponding period of 2021, which stood at N7.86 trillion.
Further, the report indicated that the improvement in the country’s merchandise was propelled by the increase in crude oil export during the present quarter under review which indicated N5.62trillion indicating an increase of 31.66 percent when compared to the previous that was N4.27 as contained in the Q4, 2021.
The report partly said, “Total Exports were N7.1 trillion of which re-exports stood at N115.80 billion, while total imports stood at N5.90 trillion.
“In the quarter under review, total exports increased by 23.13 percent when compared to the fourth quarter of 2021 (N5.77 trillion) and by 137.88 percent of the value recorded in the first quarter of 2021 (N2.98 trillion).
Meanwhile, “On the other hand, total imports increased by 21.04 percent in the first quarter of 2022 when compared to the value recorded in the first quarter of 2021 (N4.88 trillion) and decreased by 0.67 percent when compared to the value recorded in the preceding quarter (N5.94 trillion),” the rep[ort added.
Therefore, this resulted in a surplus of N1.19trillion trade balance, placing the economy on the positive side.
Detail of the report indicated that the majority of the imported goods during the period under review were mostly from China with a value of N1.51 trillion, then followed by the Netherlands with N618.72billion; followed by Belgium which stood at N563.25 billion; while India’s Import stood at N415.57billion then the United States gulped N474.33billion.
However, most of the exported goods found themselves en-route India valued at N1.18trillion, then Spain with N677.69billion and Netherlands at N660.59billion, Indonesia export stood at N474.41 billion while the United States N372.73billion.
