Nigeria’s trade surplus increased by 33% quarter-over-quarter (QoQ) to N6.95 trillion in the second quarter of 2024 (Q2’24), according to the National Bureau of Statistics (NBS).
A 10.7% decrease in imports to N12.47 trillion and a 1.57% increase in exports to N19.4 trillion were the main drivers of this increase.
According to the NBS, the total value of merchandise traded in Q2 of 24 was N31.89 trillion, up 150.39% from the same period in 2023 and down 3.76% from the previous quarter. 60.89% of commerce was made up of exports, with crude oil shipments accounting for the lion’s share at N14.56 trillion (74.98% of total exports).
N1.94 trillion (10% of total exports) came from non-oil products, whereas N4.86 trillion (25% of total exports) came from non-crude oil exports.
With a value of N12.47 trillion, imports made up 39.1% of all commerce, a 10.71% decline from Q1 2024 and a 97.93% increase from Q2 23. At N6.95 trillion, the merchandise trade balance was positive and up 33.63% from the previous quarter.
