Nigeria’s total foreign trade hit N8.60 trillion in the second quarter (Q2) of 2019, up from N8.24 trillion recorded in the previous quarter (Q1), which translated to 44 per cent within the quarter.
According to the NBS report, in Q2, 2019, the value of Nigeria’s total foreign trade stood at N8.60 trillion comprising 46.6 per cent imports (N4 trillion) and 53.4 per cent exports (N4.59 trillion).
The report further shows that the value of Nigeria’s total trade in Q2 2019 was higher by 4.4% when compared to Q1 2019, but 24.2 per cent higher when compared with Q2, 2018.
Total crude oil export was estimated at N2.65 trillion, while non-crude oil export was N661 billion and non-oils exports were put at N227.6 billion.
Combined with the Q1 2019 performance, Nigeria’s trade balance declined by 63.14 per cent relative to the same period in 2018. The value of total trade at half-year 2019 was 15.43 per cent higher than for the same period in 2018.
Exports by sectors show that crude oil export accounted for almost 90 per cent of Nigeria’s total export in Q2 2019. Crude oil export in Q2 was estimated at N3.9 trillion, from N3.3 trillion recorded in Q1 2019.
The value of Agricultural exports in Q2 was 14.66 per cent lower than in Q1 2019. In Q1 2019, Agricultural goods exports were estimated at N73 billion, as against N86 billion in Q2.
The value of Raw material exports was 14.52 per cent lower than the value in Q1 2019 and 1.71 per cent lower than in Q2 2018.
The value of Solid mineral exports declined by 15.53 per cent compared to Q1 2019 and 62.27 per cent against the corresponding quarter in 2018. Also, the exports of Energy goods dropped by 12.31 per cent in value compared to Q1 2019 and 15.15 per cent when compared with Q2 2018.