The National Bureau of Statistics (NBS) said on Tuesday that Nigeria’s total value of merchandise trade grew by 49 per cent in the second quarter of 2016.
The NBS stated in “Foreign Trade Statistics for Second Quarter, 2016’’ issued in Abuja that trade deficit had reduced with rising exports value.
It stated that the total value of Nigeria’s merchandise trade in second quarter was ₦3,942.0 billion.
“This was 49.0 per cent more than the value of ₦2,645.5 billion 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).
“It is 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 bureau said that the current trade position brought the country’s negative trade balance to – ₦196.5 billion during the period under review.
It said that it showed a ₦154.8 billion reduction in the country’s trade deficit over the previous quarter.
Under imports Classified by Standard International Trade Classification and Country of Origin, the bureau said that there was an increase in import value.
“Nigeria’s import trade stood at ₦2,069.2 billion at the end of second quarter, showing an increase of 38 per cent from the value ₦1,498.4 billion recorded in the preceding quarter.
“As with exports, the increase in import value can be traced to a decline in the value of the naira.
“The structure of Nigeria’s import trade by section was dominated by the imports of “Boilers, machinery and appliances; parts thereof”
“These accounted for 34.9 per cent of the total value of import trade in the quarter,’’ it said.
Meanwhile, the bureau said that Exports Classified by Standard International Trade Classification and Country of Destination also showed increase in value.
“The value of the export trade, totalled ₦1,872.7 billion in second quarter, showing 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.
“The structure of the export trade is still dominated by crude oil exports, which contributed ₦1,493.2 billion or 79.7 per cent to the value of total domestic export trade in 2016,’’ it said