ABUJA: Nigeria has recorded negative trade balance, while the value of total exports and imports have fallen by N793.5billion or 22.6 per cent within the last one quarter (Q1), the National Bureau of Statistics (NBS), has said. In a statement, NBS noted that the falling export figures have resulted in negative trade balance for Nigeria.
The figures and changes are based on comparison with data for last quarter of last year and the first quarter of this year. “The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at N2,723.9 billion. “From the preceding quarter value of N3,517.4 billion, this was N793.5billion or 22.6 per cent less; this development arose due to a sharp decline in both imports and exports.
“Exports saw a decline of N671.1 billion or 34.6 per cent, while imports declined by N122.4 billion or 7.8 per cent. “The steep decline in exports brought the country’s trade balance down to N184.1 billion, or N548.7bilIion less than in the preceding quarter,” the NBS stated.
According to the Bureau, the crude oil component of total trade decreased by N716.7 billion or 46.6per cent against the level recorded in last quarter of last year. According to the trade statistics, imports from African countries during the period totalled N82.5 billion or 5.7per cent while imports from Economic Commmunity of West African States (ECOWAS) countries alone amounted to N41.3 billion.
The value of the export trade during Q1 2016 totalled N1,269.9 billion, showing a decrease of N671.1 billion or 34.6 per cent, over the value recorded in the preceding quarter, with crude oil accounting for N821.9 billion or 64.7per cent. Exports by section showed that the highest export product for the period under review was “Mineral products” which accounted for N1,054.1 billion or 83.0 per cent while export of prepared food stuffs, beverages, spirits and vinegar was N72.7 billion or 5.7 per cent.
