The National Bureau of Statistics (NBS) has released its Foreign Trade in Goods Statistics Report for Q2 2024, revealing a total merchandise trade value of N31.892 billion.
The figure represents a 3.76% decrease from Q1 2024 but a remarkable 150.39% increase compared to Q2 2023.
This is according to the NBS Foreign Trade in Goods Statistics Report for Q2 2024 released in Abuja on Thursday.
Exports dominated Nigeria’s trade, accounting for N19.418 billion (60.89% of total trade), while imports stood at N12.473 billion.
Crude oil exports valued at N14.559 billion made up 74.98% of total exports, while non-crude oil exports reached N4.859 billion (25.02% of total exports).
Nigeria’s top export partners in Q2 2024 included Spain, the U.S., France, India, and The Netherlands.
On the import side, China maintained its position as Nigeria’s highest trading partner, followed by Belgium, India, the U.S., and The Netherlands.
“This significant growth in trade is a positive indicator for Nigeria’s economy,” the report stated.
The report provides insight into Nigeria’s trade dynamics, highlighting opportunities for economic growth and development.
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