India and Spain led three other countries as Nigeria’s top export destinations in the second quarter of 2022.

India, with a share of 14.85 per cent, was closely followed by Spain with 13.98 per cent.

National Bureau of Statistics (NBS), in its second quarter trade statistics report, yesterday, said the Netherlands followed with 12.35 per cent, the United States of America and Indonesia with 8.93 per cent and 8.45 percent, respectively.

The report said, altogether, the top five countries accounted for a share of 58.55 per cent of the total value of exports worth N7,406.53 billion.

On trade value for the period under review, NBS said the value of Nigeria’s foreign trade declined by N159.74 billion in the second quarter of 2022 to N12,841.54, against the N13,001.28 billion recorded in the first quarter of 2022.

It said the second quarter 2022 performance was, however, higher than the value recorded in the corresponding period of 2021, which was N9,712.02 billion.

NBS said total exports stood at N7,406.53 billion, of which re-exports was N9.63 billion, while total imports was N5,435.01 billion.

“In the quarter under review, total exports increased by 4.31 per cent, when compared to the first quarter of 2022 (N7,100.46 billion) and by 47.55 per cent of the value recorded in the second quarter of 2021 (N5,019.68 billion),” the report stated.

It also noted that total imports decreased by 7.89 per cent in the second quarter of 2022 when compared to the value recorded in the first quarter of 2022 (N5,900.83 billion) and grew by 15.83 percent when compared to the value recorded in the corresponding quarter of 2021 (N4,692.33 billion).

Re-exports in the second quarter of 2022, which stood at N9.63 billion, decreased – when compared to the same quarter of 2021 (N64.39 billion) and also, in the first quarter of 2022 (N115.80 billion) – by 85.05 per cent and 91.68 per cent, respectively.