India tops Nigeria export market with N1.099tr in Q2 2022

The National Bureau of Statistics (NBS) has said in the second Quarter (Q2) 2022, export to India topped Nigeria merchandise trade with N1.099 trillion.

This was contained in its document titled “Commodity Price Indices and Terms of Trade (Q2 2022).”

It said: “India remains one of the largest exports markets for Nigeria. In the second quarter of 2022, exports trade to India was valued at N1.099.52 trillion amounting to 14.8% of total exports.”

NBS added that the largest exported commodity to India was “Petroleum oils and oils obtained: from bituminous minerals, crude’’ (N1.008.58trillion).
The document said this was followed by Natural gas liquefied valued at N48.39billion and ‘Cashew nuts in shell’ valued at N18.50billion.

The bureau said on the
other hand, Nigeria imports from India was valued at N459.20 billion.

Available data, said NBS, shows that Imported Kerosene type jet fuel ranked highest with a value of N56.0billion, “this was followed by Motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >50<250cc, CKD valued at N 31.98billion, Gas oil (N31.22billion), Other medicaments not elsewhere specified (N26.02billion) in the period under review.”

Spain, said the NBS, ranked the second largest export destination for Nigeria during the second quarter 2022.

According to the document, total
exports to Spain stood at N1.035.55 trillion representing 14.0% of total exports during the quarter under review.

It added that the largest exported commodity to Spain was
“Petroleum oils and oils obtained from bituminous minerals, crude’’ (N854.86billion).

NBS said, however, on the import side, imports from Spain was valued at N51.62 billion.

The report also said in the Q2 2022, Nigeria export trade to the United States of America stood at N661.2 billion accounting for 8.9% of total exports.

Major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude valued at N488.36billion; Urea, whether or not in aqueous solution worth N106.89billion and other the period under review.

The main commodities imported were Used Vehicles, with diesel seeds) (N70.67billion).