United Bank Africa

Nigeria’s Merchandise Trade Drops by N338.1 Billion in Quarter Three

Nigeria’s merchandise trade drops by N338.1 billion in third quarters 2015 from the figure achieved in the second quarter. According to foreign trade statistics report released by Nigerian Bureau of Statistics, the total value of Nigeria’s merchandise trade at the end of Q3, 2015 was ₦4,021.4 billion. This was 7.8% less than the value (₦4,359.5 billion, Revised) recorded in the preceding quarter.

This development arose from a decrease of ₦320.6 billion or 12.1%, in the value of exports combined with a marginal decline of ₦17.4 billion or 1.0%, in the value of imports against the levels recorded in the preceding quarter.

In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by ₦2,497.1 billion or 38.3%. This was as a result of a ₦132.4 billion or 7.3% and ₦2,364.6 billion or 50.3% decline in imports and exports respectively relative to the corresponding quarter in 2014. Quarter on Quarter, The sharp decline in exports and slight decrease in imports contributed to continued fall in the Country’s trade balance, by 32.0% or ₦303.1 billion during the quarter .