The value of manufactured goods traded by Nigeria fell by 36 per cent from N4.51tn in the second quarter of 2021 to N2.87tn in the corresponding period of 2022, according to the foreign trade report by the National Bureau of Statistics for the second quarter of the year and its corresponding quarter of 2021.
Foreign trade statistics measure goods traded between an economic entity and its economic counterparts within a given period.
The fall in the value of traded manufactured goods came as manufacturers continue to grapple with skyrocketing costs and a harsh operating environment.
Exports of manufactured goods also took a downward plunge within the period in review, from 211.67bn recorded in 2021 to N119.53bn in 2022, representing a 43.5 per cent decline in 12 months.
In its “Manufacturers CEO’s Confidence Index,” the Manufacturers Association of Nigeria noted that its members had to resort to adopting survival strategies to improve production.