Nigeria Records N8.6trn Merchandise Trade In Q2 -NBS

Exports of various types of products dominated Nigeria’s trade structure as the country’s merchandise trade hits N8.6trillion in the second quarter of this year, figures released by the National Bureau of Statistics (NBS) have revealed.
The NBS, in its second quarter Merchandise Trade report, which was released, yesterday, said the second quarter trade of N8.6trillion is 4.4 per cent higher than the first quarter figure of N8.24trillion
The N8.6trillion trade is made up of import value of N4trillion, which represents 46.6 per cent of total trade and export of N4.59trillion, which is about 53.4 per cent of total trade.
The report said during the period, trade balance remained favourable, valued at N588.8billion.
It said the value of total trade was 15.43 per cent higher at half year 2019 than for the same period in 2018.
It reads in part, “In Q2, 2019, the value of Nigeria’s total trade stood at N8.6trillion, comprising 46.6 per cent imports and 53.4 per cent exports.
“The value of total trade in Q2, 2019 was higher by 4.4 per cent when compared to Q1 2019, but 24.2 per cent higher when compared with Q2, 2018.
“The trade balance remained favourable, valued at N588.8billion. Combined with the Q1 2019 performance, however, the trade balance declined by 63.14 per cent relative to the same period in 2018, while the value of total trade was 15.43 per cent higher at half year 2019 than for the same period in 2018.”
The report stated that in the second quarter, crude oil remained the major export as it accounted for N3.93trillion or 85.6 per cent of total exports while non-crude oil exports contributed N661.6billion or 14.37 per cent.