The National Bureau of Statistics (NBS) has released its “Foreign Trade in Goods Statistics” for Q2 2024, revealing a sharp rise in the value of imported raw materials. The report shows that imports reached N1.482 trillion in Q2 2024, a significant increase from N567.80 billion in Q2 2023, largely due to the depreciation of the naira.
On a quarter-on-quarter (QoQ) basis, the value of imported raw materials rose marginally by 0.96% from N1.467 trillion in Q1 2024.
Conversely, the value of raw material exports in Q2 2024 was N366.91 billion, a substantial rise of 151.96% compared to N145.62 billion in Q2 2023 and a 4.01% increase from N352.75 billion in Q1 2024.
The report highlighted key imported raw materials during the period, including cane sugar for sugar refineries, powdered milk preparations containing vegetable fats and oils, and glutamic acids and salts.
According to the NBS: “The total trade value of the raw materials sector stood at N1.848 trillion in Q2 2024, with imports valued at N1.482 trillion and exports at N366.91 billion.”
Among exported goods, urea, whether or not in aqueous solution, was a leading export, with N103.56 billion worth shipped to Brazil. Non-monetary gold, including gold plated with platinum in powder form, was exported to Switzerland at a value of N47.45 billion.
In terms of imports, cane sugar from Brazil topped the list at N188.67 billion, followed by powdered milk preparations from Ireland worth N21.35 billion. Additionally, glutamic acid and its salts from China were imported at a value of N41.93 billion.
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