The National Bureau of Statistics (NBS) says Nigeria recorded a N2.22 trillion trade surplus between January and June of 2023.
The bureau stated this in its recent foreign trade report for the second quarter (Q2) of 2023.
In the first half of the year, according to the bureau, Nigeria’s exports totalled N13.5 trillion and total imports stood at N11.3 trillion — which gives a trade surplus of N2.22 trillion.
A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
On foreign trade for Q1 2023, the NBS said total exports were N6.49 trillion, and imports value was N5.56 trillion.
The nation’s total trade was N12.05 trillion in Q1 — higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.
In Q2 2023, the country’s entire trade stood at N12.7 trillion. This is 5.3 percent higher than the value recorded in the previous quarter, with total exports at N7.02 trillion and imports amounting to N5.73 trillion.
‘Total exports increased by 8.15% when compared to the amount recorded in the first quarter of 2023 (N6,487.04 billion) but declined by 5.20% compared to the corresponding quarter in 2022 (N7,400.89 billion),” the report reads.
Peoplesmind