Nigeria’s trade surplus increases by 33% to N6.95trn in Q2 2024

By Elizabeth Adegbesan

According to the National Bureau of Statistics (NBS), Nigeria’s trade surplus rose by 33% quarter-on-quarter (QoQ) to N6.95 trillion in the second quarter of 2024 (Q2’24).

This increase was driven by a 10.7% decline in imports to N12.47 trillion and a 1.57% growth in exports to N19.4 trillion.

The NBS reported that total merchandise trade stood at N31.89 trillion in Q2’24, representing a 3.76% decrease from the previous quarter and a 150.39% rise compared to the same period in 2023. Exports accounted for 60.89% of total trade, with crude oil exports dominating at N14.56 trillion (74.98% of total exports).

Non-crude oil exports stood at N4.86 trillion (25% of total exports), with non-oil products contributing N1.94 trillion (10% of total exports). Imports accounted for 39.1% of total trade, with a value of N12.47 trillion, indicating a 10.71% decrease from Q1 2024 and a 97.93% rise from Q2’23.

The merchandise trade balance remained positive at N6.95 trillion, showing a 33.63% increase from the previous quarter.

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