ABUJA: It went down from about N4.99trn recorded in the fourth quarter of 2014 to about N4.88trn as at the end of March this year.
The Merchandise Trade Report published by the National Bureau of Statistics, NBS, yesterday indicated that the drop in the exportimport trade occurred despite improvement in the nation’s export trade by N275.6bn, representing 9.3 per cent increase over the recorded value of exports in the preceding quarter, while import dropped by N385.8bn.
The bureau reported however that the rise in export and decline in import improved the country’s trade balance, which increased by 71.6 per cent from the preceding quarter, to about N1.59trn during the quarter under review
It stated further that in comparison with the corresponding quarter of 2014, the value of total merchandise trade decreased by N639.5bn or 11.6 per cent, while the trade balance decreased by N839.1bn or 34.6 per cent.
A further analysis of the merchandise trade figures showed that during the quarter under review, the value of Nigeria’s imports stood at N1.65trn, representing a decrease of N385.8bn or 19.0 per cent from the N2.03trn recorded in the preceding quarter.
Year-on-year import value increased by N99.8bn or 6.5 per cent, from the value of N1.55trn recorded in the corresponding quarter of last year.
Classification of the import by sections indicates that “boilers, machinery and appliances” dominated it, accounting for 27.7 per cent of the total value of import in the quarter under review.
The NBS clarified further: “Other commodities which contributed considerably to the value of import in the review period were mineral products (13.1 per cent), base metals and articles of base metals (10.2 per cent), vehicles, aircraft and associated parts (9.6 per cent), and products of the chemical and allied industries (8.7 per cent).
