US retail sales falls, shoppers battle inflation

Manufactured goods fall 36% to N2.87tn, inflation looms

The value of manufactured products exchanged decreased 36%, from N4.51 trillion in the second quarter of 2021 to N2.87 trillion in the same time of 2022, according to research from The PUNCH.Information Guide Nigeria

The National Bureau of Statistics’ foreign trade data for the second quarter of this year and its equivalent quarter in 2021 supports this.

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Statistics on foreign commerce capture the items exchanged between one economic entity and its equivalents during a specific time period.JAMB Result

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Manufacturers are still struggling with soaring expenses and a challenging working climate, which is why the value of traded manufactured goods fell.

Our correspondent’s research indicates that exports of manufactured goods also declined over the time under consideration, falling from 211.67 billion in 2021 to N119.53 billion in 2022, a 43.5 percent reduction in a single year.

The PUNCH had reported earlier how manufacturers were adopting survival strategies amid a worsening operating environment.

“All those things have made the manufacturing sector to shrink and that is a very bad situation for the country. You find out that the manufacturing sector is a sector that drives other sectors of the economy in terms of production and employment. The manufacturing sector is the sector that provides raw materials from the agricultural sector, provides some other goods to some other sectors of the economy and it is that same sector that, when they finish production, will also positively affect the service sector,” the economist added.