NBS: Nigeria's Trade Balance up 4.4% Q/Q in Q2 2019

Nigeria’s total foreign trade (value of exports and imports) hits N8.60 trillion in the second quarter (Q2) of 2019, up from 8.24 trillion recorded in the previous quarter. According to the latest foreign trade report released by the National Bureau of Statistics (NBS), this means Nigeria’s total trade rose by 4.4% within the quarter. According to the NBS report, In Q2,2019, the value of Nigeria’s total trade stood at N8.60 trillion comprising 46.6% imports (N4 trillion) and 53.4% exports (N4.59 trillion). The value of total trade in Q2, 2019 was higher by 4.4% when compared to Q1 2019, but 24.2% higher when compared with Q2, 2018. The trade balance remained favourable at N588.8 billion. Combined with the Q1 2019 performance, the trade balance declined by 63.14% when compared to the same period in 2018, while the value of total trade was 15.43% higher at half-year 2019 than the corresponding period of 2018. The NBS noted that the 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. Also, 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.

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