The National Bureau of Statistics (NBS) revealed that in the first three months of 2022, Nigeria recorded ₦1.2 trillion of trade surplus.
NBS made this known via its recent report titled: ‘Foreign trade in goods statistics (Q1 2022)’.
A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.
In the first quarter of 2022, ₦13 trillion was recorded for total trade, this figure was higher than the value recorded in the fourth quarter of 2021 (₦11.7 trillion) and the value recorded in the corresponding period of 2021, which stood at ₦7.86 trillion.
NBS said that the improvement in Nigeria’s merchandise trade was due to increases in crude oil export in the quarter under review which stood at ₦5.62 trillion showing an increase of 31.66 percent compared to ₦4.27 trillion recorded in Q4, 2021.
“Total Exports were ₦7.1 trillion of which re-exports stood at ₦115.80 billion, while total imports stood at ₦5.90 trillion,” the report reads.
“In the quarter under review, total exports increased by 23.13 percent when compared to the fourth quarter of 2021 (₦5.77 trillion) and by 137.88 percent of the value recorded in the first quarter of 2021 (₦2.98 trillion).
“On the other hand, total imports increased by 21.04 percent in the first quarter of 2022 when compared to the value recorded in the first quarter of 2021 (₦4.88 trillion) and decreased by 0.67 percent when compared to the value recorded in the preceding quarter (₦5.94 trillion).”
This resulted in a ₦1.19 trillion positive trade balance (Surplus).