The National Bureau of Statistics (NBS) said Nigeria’s total trade in the fourth quarter of 2022 (Q4 2022) was N11.722 trillion.

According to its data titled: Foreign trade in goods statistics (Q4 2022) while the country exported N6.359 trillion goods, it imported N5.36 trillion goods in the period under review.

The document noted that on annual basis, total trade hit N52.387trillion, stressing while total imports were N25.5 trillion, total exports were N26.7trillion.

NBS said: “In the fourth quarter of 2022, Nigeria’s total trade stood at N11.722.44 trillion of which total exports stood at N6.359.61 trillion and total imports amounted to N5.362.83 trillion. On an annual basis, total trade was N52.387.30 trillion, total imports amounted to N25.590.55 trillion, and total exports were recorded at N26796.75 trillion.”

Total exports, said the data, increased in the fourth quarter by 7.17% and 10.28% when compared to the amount recorded in the third quarter of 2022 (N5.934.15 trillion) and the corresponding quarter in 2021 (N5.766.62 trillion) respectively.

The report also noted that conversely, total imports declined by 15.46% in the fourth quarter of 2022 compared to the value recorded in the third quarter of 2022 (N6.343.53 trillion) and fell by 9.73% when compared to the value recorded in the corresponding quarter of 2021 (N5.940.58 trillion).

SOURCE: THE NATION