{"id":34591,"date":"2019-09-12T15:48:21","date_gmt":"2019-09-12T14:48:21","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=34591"},"modified":"2019-09-12T15:48:21","modified_gmt":"2019-09-12T14:48:21","slug":"nigeria-records-n8-6tn-merchandise-trade-in-q2-nbs","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-records-n8-6tn-merchandise-trade-in-q2-nbs\/","title":{"rendered":"Nigeria Records N8.6tn Merchandise Trade In Q2 \u2014NBS"},"content":{"rendered":"

Exports of various types of products dominated Nigeria\u2019s trade structure as the country\u2019s merchandise trade hits N8.6tn in the second quarter of this year, figures released by the National Bureau of Statistics have revealed.<\/p>\n

The NBS in its second quarter Merchandise Trade report which was released on Thursday said the second quarter trade of N8.6tn is 4.4 per cent higher than the first quarter figure of N8.24tn<\/p>\n

The N8.6tn trade is made up of import value of N4tn, which represents 46.6 per cent of total trade and export of N4.59tn, which is about 53.4 per cent of total trade.<\/p>\n

The report said during the period, trade balance remained favourable, valued at N588.8bn.<\/p>\n

It said the value of total trade was 15.43 per cent higher at half year 2019 than for the same period in 2018.<\/p>\n

It reads in part, \u201cIn Q2, 2019, the value of Nigeria\u2019s total trade stood at N8.6tn, comprising 46.6 per cent imports and 53.4 per cent exports.<\/p>\n

\u201cThe value of total trade in Q2, 2019 was higher by 4.4 per cent when compared to Q1 2019, but 24.2 per cent higher when compared with Q2, 2018.<\/p>\n

\u201cThe trade balance remained favourable, valued at N588.8bn. Combined with the Q1 2019 performance, however, the trade balance declined by 63.14 per cent relative to the same period in 2018, while the value of total trade was 15.43 per cent higher at half year 2019 than for the same period in 2018.\u201d<\/p>

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The report stated that in the second quarter, crude oil remained the major export as it accounted for N3.93tn or 85.6 per cent of total exports while non-crude oil exports contributed N661.6bn or 14.37 per cent.<\/p>\n

On a year on year basis, the report stated that the value of crude oil exports was 4.4 per cent higher in the second quarter in the second quarter of 2018.<\/p>\n

However, it said excluding all oil-related commodity exports, the value of non-oil exports rose by 4.1 per cent in the second quarter.<\/p>\n

The NBS report stated that the value of imported agricultural products was 5.79 per cent higher in the second quarter than the first quarter.<\/p>\n

For raw materials imports, it said this grew 4.97 per cent over the value recorded in the first quarter, while the value of Solid minerals imports was 63.46 per cent higher than in the first quarter.<\/p>\n

The report stated that China continues to dominate Nigeria\u2019s import accounting for 25.47 per cent of imported goods.<\/p>\n

This is followed by imports from the United States with 10.53 per cent, Netherlands 9.33 per cent, India 7.48 per cent and Belgium 6.21 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Exports of various types of products dominated Nigeria\u2019s trade structure as the country\u2019s merchandise trade hits N8.6tn in the second quarter of this year, figures released by the National Bureau of Statistics have revealed.<\/p>\n","protected":false},"author":6,"featured_media":34592,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[6135],"coauthors":[2391],"class_list":["post-34591","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-merchandise-trade-in-q2"],"yoast_head":"\nNigeria Records N8.6tn Merchandise Trade In Q2 \u2014NBS - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-records-n8-6tn-merchandise-trade-in-q2-nbs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Records N8.6tn Merchandise Trade In Q2 \u2014NBS - National Wire\" \/>\n<meta property=\"og:description\" content=\"Exports of various types of products dominated Nigeria\u2019s trade structure as the country\u2019s merchandise trade hits N8.6tn in the second quarter of this year, figures released by the National Bureau of Statistics have revealed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-records-n8-6tn-merchandise-trade-in-q2-nbs\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-12T14:48:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2019\/09\/Nigeria-people-economic-activities.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"580\" \/>\n\t<meta property=\"og:image:height\" content=\"386\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nigeria-records-n8-6tn-merchandise-trade-in-q2-nbs\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2019\/09\/Nigeria-people-economic-activities.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2019\/09\/Nigeria-people-economic-activities.jpg\",\"width\":580,\"height\":386,\"caption\":\"People gather at Balogun market two days before Christmas in central Lagos December 23, 2013. 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