Nigeria’s merchandise trade total value during Q2, 2015, was recorded at N4,372.4 billion, the National Bureau of Statistics, NBS, said yesterday.
This was 0.5% less than the N4,392.7 billion recorded in the preceding quarter. In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by N2,287.0 billion or 34.3%.
Relative to the preceding quarter, a rise of N214.1 billion or 8.0%, in the value of exports combined with a decline of N234.4 billion or 13.6%, in the value of imports improved the country’s trade balance, which increased by 47.9% or N448.6 billion during the quarter, the NBS further stated.
The country’s trade balance, Year on year, declined by 48.8% as imports declined by 24.5% whilst exports declined even further by 38.5%.
The value of Nigeria’s imports stood at N1,493.2 billion during Q2, 2015, a decrease of 13.6% from the N1,727.7 billion recorded in the preceding quarter. Year-on-year analysis showed that import trade was lower by N484.0 billion or 24.5%.
The NBS explained that “When classified by Section, the structure of Nigeria’s import trade was dominated by the import of “Boilers, machinery and appliances; parts thereof” which accounted for N356.0 billion or 23.8% of the total value of imports in Q2, 2015.
“Other commodities which contributed significantly to the value of imports in the review period were “Mineral products” at N173.9 billion or 11.6%, “Products of the chemical and allied industries” at N155.2 billion or 10.4%, “Vehicles, aircraft and parts thereof; vessels etc.” at N152.9 billion or 10.2%, and “Base metals and articles of base metals” at N132.8 billion or 8.9% of the total quarterly imports respectively.
Imports classified by Broad Economic Category revealed that “Industrial Supplies (nec)” ranked first with an import value of N433.6billion or 29.0% of the Q2 total (Table 7). This was followed by “Capital Goods and parts of”, with the value of N342.2 billion or 22.9%, and “Food and Beverage” with N290.4billion or 19.4% of total imports. Motor spirit remained the product with the greatest import value, at N140.5 billion*, or 9.4% of the total Q2 2015 bill.
Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for N336.5 billion or 22.5%, N143.6billion or 9.6%, N115.4billion or 7.7%, N83.4billion or 5.6% and N80.9billion or 5.4% of the total value of goods imported during the quarter.
By Continent, Nigeria consumed goods largely from Asia, with an import value of N665.7 billion or 44.6% of the quarterly total.
The country also imported goods valued at N502.3 billion or 33.6% of the total from Europe, and N210.1 billion or 14.1% of the total from The Americas. Imports from Africa stood at N97.8 billion or 6.5% of total imports, while imports from the region of ECOWAS amounted to N39.0 billion, 39.9% of total African imports.
The value of Nigeria’s exports totalled N2,879.2 billion in Q2, 2015, an increase of N214.1billion or 8.0% over the value recorded in the preceding quarter, yet a decline of N1,803.0 million or 38.5% year on year.

READ ALSO  NSE ASI drops further by 1.19%

Ad:See How you can turn $500 into $10,000 Click HERE For Details.