The National Bureau of Statistics (NBS) has revealed that Nigeria’s total merchandise trade stood at N31,892.46 billion in the second quarter of 2024. This was disclosed in the NBS Foreign Trade in Goods Statistics Report for Q2 2024, released in Abuja on Thursday.
The report highlighted a 3.76% decline in trade compared to the first quarter of 2024 but noted a significant 150.39% increase compared to Q2 2023.
According to the report, total exports in Q2 2024 amounted to N19,418.93 billion, making up 60.89% of total trade, while imports stood at N12,473.53 billion. Exports increased by 1.31% compared to Q1 2024 and surged by 201.76% from N6,435.13 billion recorded in Q2 2023. Imports, on the other hand, dropped by 10.71% from the previous quarter but showed a 97.93% rise year-on-year.
Crude oil exports dominated the trade landscape, valued at N14,559.56 billion, representing 74.98% of total exports. Non-crude oil exports stood at N4,859.37 billion (25.02%), with non-oil products contributing N1,944.25 billion or 10.01% of total exports.
Top export destinations in Q2 2024 included Spain, the U.S., France, India, and The Netherlands. On the import side, China led as Nigeria’s largest trading partner, followed by Belgium, India, the U.S., and The Netherlands.
