The National Bureau of Statistics (NBS) said the country recorded foreign trade valued at N6.57billion 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 7.21 billion recorded in the first quarter and represents a 14.56 per 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 was 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.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
POLITICS24 hours ago
Kwara 2019: Imposition Of Candidate Will Be Counter-productive – Saliu Mustapha
NEWS17 hours ago
Cash Transfer Programme Kicks Off In Abuja
HEALTH23 hours ago
Fruit Contamination- Needles Found In Fruits, Police Confirms
COVER STORIES5 hours ago
NASS Adopts 4th Version Of Electoral Amendment Bill
NEWS24 hours ago
APC In Ikeja Protests Reelection Of House Of Rep Member
NEWS7 hours ago
Proposed West African Science Academy Will Spur Regional Devt – Onu
NEWS9 hours ago
Russia Blames Israel For Shooting Down Plane
NEWS11 hours ago
Poor Masses, Buhari’s Strongest Support Base – Oshiomhole