- Nigeria’s Total Trade Rises by 24.2% in Q2, 2019
Nigeria’s total trade improved significantly in the second quarter of the year, according to the National Bureau of Statistics (NBS).
Africa’s largest economy grew trade by 24.2 percent in the second quarter (Q2) of 2019 when compared with the same period of 2018.
Total trade carried out in the quarter stood at N8.6 trillion with imports constituting N4.1 trillion or 46.6 percent of the total trade in the second quarter of the year while exports account for 53.4 percent or N4.59 trillion in value.
The total value of trade recorded in the second quarter was 4.4 percent higher than the first quarter of 2019.
Nigeria recorded a trade surplus of N5888.8 billion in the second quarter.
Accordingly, Africa’s largest economy grew total trade by 15.43 percent in the first half of the year when compared to the same period of 2018.
|Major Export and Import Trading Partners|
The impressive performance was largely due to the stable foreign exchange market that ensures importers were able to access foreign exchange at an affordable rate.
“This performance was largely as a result of stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally,” the NBS stated.
Also, the decline in trade balance was as a result of the increase in imports in recent months and stable exports that mainly comprises of crude oil.
“The value of total exports has remained relatively stable since 2018, but the value of imports has maintained its steady rise, hence the decline in trade balance since mid-2018,” NBS added.