Nigeria’s merchandise trade in the second quarter of 2019 appreciated by 4.4 per cent to N8.6tn, against N8.24tn recorded in the preceding quarter, the latest data released by the National Bureau of Statistics has revealed.
A nation’s merchandise trade can be described as goods which add or subtract from the stock of material resources of a country by imports or exports in its economic territory.
The NBS in its Q2 merchandise trade report, which was released on Thursday, stated that the Q2 trade of N8.6tn was 4.4 per cent higher than the Q1 figure of N8.24tn.
The N8.6tn trade is made up of import value of N4tn, which represents 46.6 per cent of the total trade and export of N4.59tn, which is about 53.4 per cent of total trade.
The report said during the period, trade balance remained favourable, valued at N588.8bn.
It said the value of total trade was 15.43 per cent higher at half-year 2019 than for the same period in 2018.
“In Q2, 2019, the value of Nigeria’s total trade stood at N8.6tn, comprising 46.6 per cent imports and 53.4 per cent exports.
“The value of total trade in the quarter under review was higher by 4.4 per cent when compared to the preceding quarter. It was, however, higher by 24.2 per cent when compared to the corresponding period in 2018.
“The trade balance remained favourable, valued at N588.8bn. 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 statement read in part.
The report stated that in the second quarter, crude oil remained the major export, as it accounted for N3.93tn or 85.6 per cent of total exports, while non-crude oil exports contributed N661.6bn or 14.37 per cent.
However, it said excluding all oil-related commodity exports, the value of non-oil exports rose by 4.1 per cent in Q2, while the value of imported agricultural products was 5.79 per cent higher during the same period compared to the first quarter.
For raw materials imports, it said this grew 4.97 per cent over the value recorded in Q1, while the value of solid minerals imports was 63.46 per cent higher than that of Q1.
According to the report, China continues to dominate Nigeria’s import, accounting for 25.47 per cent.
This is followed by imports from the United States with 10.53 per cent, The Netherlands (9.33 per cent), India (7.48 per cent) and Belgium (6.21 per cent).