Nigeria's foreign trade declines in Q2, 2018

The National Bureau of Statistics (NBS) said the country recorded foreign trade valued at N6.57 billion 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 N7.21 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.

(NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.