Data from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for the third quarter of 2022 has shown that Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 per cent to N5.93 trillion in Q3’22.

This is from N7.4 trillion in Q2’22, while the import bill rose 4.2 per cent to N5.66 trillion from N5.43 trillion.

As a result of the negative development in the export sector, the total foreign trade recorded a 10 per cent decline to N11.59 trillion in Q3’22 from N12.84 trillion in Q2’22, while the trade balance fell quarter-on-quarter (QoQ) by 86 per cent to N269.3 billion in the Q3’22 from N1.97 trillion in Q2’22.

The report stated: “In the third quarter of 2022, Nigeria’s total trade stood at 11.59 trillion, this was lower than the value recorded in Q’22 (12.84 trillion) but was higher than the value recorded in the corresponding period of 2021 which stood at  10.47 trillion. Total exports stood at 5.93 trillion of which re-exports were 25.04 billion, while total imports stood at  5.66 trillion.

“In the quarter under review, total exports declined by 19.89 when compared to Q3’22 ( 7.4 trillion) but it increased by 15.5 per cent of the value recorded n Q3’21 (¦ 5.13 trillion).

“On the other hand, total imports increased by 4.2 per cent in Q3’22 when compared to the value recorded in Q2’22 ( 5.43 trillion) and also grew by 6.16 per cent when compared to the value recorded in the corresponding quarter of 2021 ( 5.33 trillion).

“The balance of trade in the period under review stood at 269.34 billion.