Exports of manufactured products are down 18.4% to N2.45 trillion.

As the government tightens the noose on some imports into the nation, the value of manufactured products brought into the country decreased to N2.448 trillion in the fourth quarter ending December 31, 2022.

In comparison to the N3.001 trillion imported during the same period in 2021, this is a reduction of 18.43% YoY and accounts for 45.6% of all imports (N5.363 trillion) during that time.

Additionally, this shows a quarterly fall of 14.11 percent (QoQ) from the value reported in the third quarter of the year (Q3’22).

However, according to the National Bureau of Statistics (NBS) report on the Foreign Trade in Goods Statistics for Q4’22, imports of manufactured goods were the most expensive during the quarter, followed by imports of other oil products and raw materials, which had total values of N1.88 trillion and N559.25 billion, respectively.

According to the NBS statistics, used automobiles, primarily from the United States of America and Italy, ranked first among manufactured products imported into the nation during the time with a value of N54.65 billion. Filters, primarily from China and India, came in second with a value of N50.04 billion.

Additionally, imports from India and China totaling N33.92 billion and N12.51 billion, respectively, included motorcycles and cycles with auxiliary motors, petrol fuel, and capacities greater than 50cc.

“Other items imported in this category included ‘other medicaments not elsewhere mentioned’ from India valued at N18.34 billion and ‘other herbicides, anti sprouting chemicals, and plantgr’ from China worth at N38.76 billion.

Additional research revealed that the value of imported manufactured items was greater than their export value.

In contrast, the value of exported manufactured products fell by 21.36 percent in the fourth quarter of 2022, to N311.01 billion (from N395.48 billion in the previous quarter).

But in Q3’22, the export value climbed QoQ by 136.58 percent, reaching N131.46 billion.  Unwrought aluminum was the second-largest export good in this category, behind “floating or submersible drilling or production platforms,” which were sent to Namibia for N92.91 billion. ‘Alloys’ worth N16.76 billion, N2.86 billion, and ‘cigarettes containing tobacco’ worth N9.15 billion, respectively, were exported to Japan and China.