The total value of Nigeria’s merchandise trade was N6,569.98 billion in the second quarter of 2018, which was a -8.89% contraction from the figure recorded in Q1, 2018 (N7,211.12 billion) and a 14.56% growth from Q2, 2017 (N5,734.80 billion).
The National bureau of Statistics (NBS) disclosed this on Thursday in its second quarter 2018 trade report, pointing out that the contraction of total trade in the reviewing quarter was mainly driven by the decline in both imports and exports.
The trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion).
The total value of Nigeria’s external trade in goods amounted to N6,569.98 billion in the second Quarter of 2018, which is a decrease of N641.1 billion or -8.9% from the N7,211 billion recorded in the first quarter of 2018.
The export value for Agricultural goods in Q2, 2018 (N85.90 billion) was 17.3% higher than the value in Q1, 2018 (N73.24 billion) and 127.3% higher than the value recorded in Q2, 2017 (N37.79 billion).
Raw material exports value decreased by -2.98% in Q2, 2018 (N31.72 billion) compared to Q1, 2018 (N32.70 billion) but increased by 19.7% compared to Q2, 2017 (N26.50 billion).
Solid Minerals exports value in Q2 2018 (N19.93 billion) recorded a -25.98% quarter on quarter decline (N26.92 billion), and a -19.7% year on year decline rate compared to Q2, 2017 (N21.02 billion).
The value of Energy goods exported in Q2, 2018 (N10.99 billion) was 5.8% higher than that of Q1, 2018 (N10.39 billion) and 0.6% higher than the value in Q2, 2017 (N10.93 billion).
Manufactured goods exports in Q2 2018 (N69.86 billion) recorded a significant decline by -83.9% over the previous quarter (N434.37 billion), and higher by 0.9%% when compared to Q2, 2017 (N69.26 billion).
The value of Crude Oil exports recorded in Q2, 2018 (N3,728 billion) was 4.2% higher than the value in Q1, 2018 (N3,579 billion) and 53.7% higher than the value in Q2, 2017 (N2,425 billion).
Other oil products exports in Q2, 2018 (N516.32 billion) declined in the reviewing quarter, with a -3.6% contraction from Q1, 2018 (N535.68 billion) and a 0.8% growth from the value recorded in Q2, 2017 (N512.41 billion).
According to the report, major export trading partners and percentage share to Q2, 2018 included India 16.19%; Netherlands 10.25%; Spain 9.55%; South Africa 8.06%; and the United States 6.87%.
The major import trading partners and percentage share to Q2, 2018 were China 25.28%; Netherlands 8.59%; Belgium 8.11%; India 6.88% and the United States 6.72%.
The NBS reported that major trade agricultural products were Cashew nuts, in shell; Seamus seeds, whether or not broken; Superior quality raw Coca beans; Good fermented Nigerian Cocoa beans; other frozen shrimps and prawns and other quality raw cocoa beans.