Nigeria recorded a favourable trade balance valued at N588.8 billion in the second quarter of 2019. Combined with the first quarter of 2019 performance, the trade balance plunged by 63.14 per cent relative to the same period in 2018.
Foreign Trade data released, yesterday, by the National Bureau of Statistics (NBS) showed that in the second quarter, the value of Nigeria’s total trade stood at N8.60 trillion, comprising 46.6 per cent imports (N4.01 trillion) and 53.4 per cent exports (N4.60 trillion).
The value of total trade was 15.43 per cent higher at half year 2019 than for the same period in 2018.
The value of total trade during the period was higher by 4.4 per cent when compared to first quarter of this year, but 24.2 per cent higher when compared with second quarter of 2018.
“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 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 explained.