– As crude oil export dominates trade
Mkpoikana Udoma
Port Harcourt — Nigeria’s total merchandise trade stood at N31.892 trillion in the second quarter of 2024, representing a 3.76% decline from the previous quarter.
However, the trade volume showed a significant 150.39% increase compared to the same period in 2023.
According to data from the National Bureau of Statistics, NBS, exports accounted for 60.89% of total trade, with a value of N19.418 trillion, while import accounted for N12.473 trillion accounting for 39.11% of total trade.
The Q2 export trade volume represents a marginal increase of 1.31% from the first quarter of 2024 and a 201.76% rise from the second quarter of 2023.
Crude oil exports dominated the trade landscape, accounting for 74.98% of total exports with a value of N14.559 trillion.
Non-crude oil exports, on the other hand, accounted for 25.02% of total exports, with a value of N4.859 trillion, as non-oil products contributed N1,944.25 billion or 10.01% of total exports.
While trade balance stood at N6.945trillion in the period under review, Apapa seaport received the highest import worth N7.599trillion, followed by Tincan Port N1.425trillion and Onne port at N1.010trillion.
On the other hand, Apapa seaport made the most export worth N18.279trillion, followed by Tincan Port N791.1trillion, while Onne port made export of N373billion in Q2 2024.
