Nigeria records 49% increase in trade Q2-NBS
The National Bureau of Statistics (NBS) report on Tuesday has shown that Nigeria merchandise trade statistics for the second quarter of this year recorded a 49 per cent increase in trade from N2.65 trillion in the first quarter to N3.94 trillion.
The bureau in the report made available to our correspondent stated that the increase in trade was as a result of a rise of N725.6 billion in the value of imports against what was recorded in the preceding quarter.
It said as a result of the improvement in second quarter trade, the country’s negative trade balance has now reduced by N154.8 billion to N196.5 billion.
The report stated, “The total value of Nigeria’s merchandise trade in Q2, 2016 was ₦3.94 trillion. This was 49 per cent more than the value of ₦2.64 trillion recorded in the preceding quarter.
“This development arose from a rise of ₦725.6 billion or 63.3 per cent in the value of exports (largely due to exchange rate gains) combined with a rise of ₦570.8 billion or 38.1 per cent in the value of imports against the levels recorded in the preceding quarter.
“The current trade position brought the Country’s negative trade balance to – ₦196.5 billion during the period under review. This shows a ₦154.8 billion reduction in the country’s trade deficit over the previous quarter.”
In terms of the structure of Nigeria’s trade, the report stated that the country’s import stood at N2.06 trillion at the end of the second quarter, representing an increase of 38.1 per cent from the value ₦1.9 trillion recorded in the preceding quarter.
As with exports, it said the increase in import value could be traced to a decline in the value of the naira.
It said capital goods and parts with ₦663.6 billion or 32.1 per cent accounted for the highest chunk of the country’s import.
This was followed by industrial supplies with N421.2 billion or 20.4 per cent, and transport equipments and part with ₦356.1 billion or 17.2 per cent.
It said Nigeria’s import trade by direction showed that the country imported goods mostly from China, Netherlands, United States, India and the United Kingdom.
Trade with these countries accounted for ₦493.5 billion or 23.9 per cent, N285.7 billion or 13.8 per cent, N199 billion or 9.6 per cent, N124.9 billion or six per cent and ₦119.3 billion or 5.8 per cent of the total value of goods imported during the quarter.
For export trade, the report put the value of the export trade, at ₦1.87 trillion in the second quarter indicating an increase of ₦725.6 billion or 63.3 per cent over the value recorded in the preceding quarter.
“The improvement in export value is largely due to the depreciation in the value of the naira,” it added.
The structure of the export trade, the report added, is still dominated by crude oil exports, which contributed ₦1.49 trillion or 79.7 per cent to the value of total domestic export trade in 2016.
9/22/2016 at 18:34:54 Regards from danglekatangul
I’m gratified by the manner in which business247ng.com deals with this sort of subject! Generally on point, sometimes controversial, always well-researched and also thought-provoking.
LIke your site. Do you want to trade links.
Hello there, You’ve done a fantastic job. I’ll certainly digg it and personally suggest to my friends. I’m confident they’ll be benefited from this website.
9/28/2016 @ 17:39:03 In my view, business247ng.com does a excellent job of covering issues of this type! Even if frequently intentionally contentious, the information is in the main thoughtful and stimulating.
I enjoy this site – its so usefull and helpfull
Alberto Gilardino http://floristeriaopalo.com/index.php/component/k2/itemlist/user/586059
Keep up the great job and producing in the group!
Robbie Keane http://www.506678.com/space-uid-304059.html
I value the details on your web site. Thanks!.
Raul Gonzalez http://www.gzxmtx.com/home.php?mod=space&uid=609118&do=profile
I more or less share your take on this subject and look forward to additional posts and comments here at business247ng.com. Thanks!
I generally agree with your opinion on this subject and look forward to additional posts and comments here at business247ng.com. Thanks!
Love the site– extremely user-friendly and lots to see!
Congrats for the inspiring site you’ve set up at business247ng.com. Your enthusiasm is definitely contagious. Thanks again!
10/5/2016 In my opinion, business247ng.com does a excellent job of covering topics like this! While sometimes intentionally controversial, the posts are in the main thoughtful and stimulating.
Appreciate the website– extremely user-friendly and lots to think about!
10/12/2016 I’m pleased by the manner in which business247ng.com covers this kind of subject matter. Generally on point, sometimes polemic, without fail well-researched and challenging.
We’re a group of volunteers and starting a new scheme in our community. Your web site provided us with valuable info to work on. You have done an impressive job and our whole community will be grateful to you.
10/17/2016 Appreciate the site– very informative and lots to explore!
I carry on listening to the news speak about receiving boundless online grant applications so I have been looking around for the top site to get one. Could you advise me please, where could i acquire some?
1. Thanks for the great post keep up the amazing work.
business247ng.com does it yet again! Quite a informative site and a good post. Nice work!
Solid, well-researched content. I just sent this on 10/25/2016 to a classmate who’s been involved in some work of their own on this topic. To show his appreciation, he just bought me a drink! So, I guess I should say: Cheers for the drink!
What i do not understood is if truth be told how you are no longer really much more well-favored than you might be now. You are so intelligent. You understand thus significantly with regards to this matter, made me in my view imagine it from numerous various angles. Its like women and men are not fascinated except it is one thing to accomplish with Girl gaga! Your individual stuffs nice. Always deal with it up!