The National Bureau of Statistics (NBS) on Thursday reported that the value of Nigeria’s merchandise trade slumped by -8.95 percent in the second quarter, grossing N6.57 trillion in value as against the N7.21 trillion in the preceding quarter.
The Bureau, in its “Foreign Trade in Goods Statistics” report for Q2, 2018 released in Abuja, the figure was –8.9 percent less than N7.21 trillion recorded in the first quarter and also 14.56 percent growth from the N5.73 trillion 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.
NBS stated: “The total value of Nigeria’s merchandise trade was N6,569.98 billion in the second quarter of 2018, which was a -8.89% contraction from the figure recorded in Q1, 2018 (N7,211.12 billion) and a 14.56% growth from Q2, 2017 (N5,734.80 billion).
“The contraction of total trade in the reviewing quarter was mainly driven by the decline in both imports and exports.
“The trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion)”, the agency added.
The official statistics producing and reporting agency stated further that despite the drop in the value of the merchandise trade, the trade balance in the second quarter was in favour of Nigeria to the tune of N2.36 trillion.
It stated that the surplus represented a 8.36 percent increase or N2.17 trillion over the Q1, 2018 trade value of and N471.48 billion above the value recorded in the first quarter of 2017.
