NIGERIAN TRADE SURPLUS DOWN 29.6% 2ND QUARTER

The Nigerian economy that emerged recently very marginally from recession seems to be heading to its old self destructing ways again.

According to 2016 second quarter trade statistics released by the National Bureau of statistics today, September 13, Nigerian's trade surplus dropped by 29.6% to N506.5bn compared to N719.4bn in the first quarter.

This occurred as imports grew by 13.5% to N2295.5bn and exports rose by only 3.2% to N3102bn making total trade to grow by 7.7% as driven purely by imports growth.

Compared to second quarter of 2016, however, imports grew by only 9.97% while exports rose by 73.48%.

Imports grew in double digit on Q1 more because import of solid minerals jumped by 1527.4% within the same perios,; of energy products rose by 177.77%; raw materials by 17.4% and of Agricultural products by 16.01%.

On the other hand, export growth was weaker as exports of solid minerals dropped by 27.5%; of manufactured goods declined by 17% and of agricultural products by 1.03%.

The % increase in exports recorded came from 117.84% growth in energy goods exports , 31.8% rise in raw materials exports; 12.5% increase in other oil products and 2% growth in crude oil exports.

Nigeria's main exports partners within the quarter were India (16.75%); Spain (12.07); United States of America (10.22%); Netherlands (7.78%) and France (7.25%).

In the case of imports, top countries of origin were China (15.98%); Belgium (12.3%); Netherlands (9.66%); United States of America (7.47%) and Italy (6.22%).

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