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Nigeria records N6.57bn foreign trade in Q2 – NBS

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The National Bureau of Statistics (NBS) said the country recorded foreign trade valued at N6.57billion in the second quarter.

The bureau disclosed this in its “Foreign Trade in Goods Statistics” (Q2 2018) report released on Thursday in Abuja.

It said the figure was – 8.9 per cent less than 7.21 billion recorded in the first quarter and represents a 14.56per cent growth from the N5.73billion recorded in the second quarter of 2017.

According to the bureau, the contraction of total trade in the quarter under review is mainly driven by the decline in both imports and exports.

“The total value of exports in the quarter under review is N4.46 billion.

“This represents a -4.9 per cent contraction over the first quarter (4.70billion) and a 43.8 per cent growth compared to second quarter of 2017.

“Likewise, the total import component in the second quarter (2.11billion) also recorded a decline of -16.3 per cent.

“This is lower than the first quarter (2.52billion) and -19.9 per cent lower than the first quarter of 2017,” the report said.

It said the trade balance in the second quarter was a surplus of N2.36 billion.

This, it explained, was a 8.36 per cent increase from the figure in the first quarter (N2.17 billion) and, against N471.48 billion in the first quarter of 2017.

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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