The National Bureau of Statistics’ Foreign Trade Statistics report, released on Monday, indicates a significant 40 per cent decrease in the value of traded manufactured goods in Q1 2023, which declined from N219bn in the corresponding quarter of the previous year to N131.1bn. The report stated the total trade of manufactured goods in Q1 stood at N2.5tn, representing 20.98 per cent of total trade. The major export goods in this category were ‘unwrought aluminium alloys’ exported to Japan worth N16.28bn. Exports by region showed that manufactured goods were mainly exported to Asia valued at N52.2bn, followed by manufactured goods exported to other African countries at N42.44bn and Europe valued at N24.78bn. Manufactured goods mainly imported were ‘used vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc’ from the United States and Canada valued at N59.5bn, N1.31bn, respectively, followed by ‘filters’ also imported from China worth N41bn.

Source: Punch June 09, 2023 07:09 UTC