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Nigeria’s Trade Balance stands at N4.721 trillion, remains negative in Q3, 2016 — NBC

Nigeria’s total merchandise trade at the end third quarter of 2016 stood at ₦4.721.9 trillion, an increase of ₦661.5 billion or 16.3% from the preceding quarter value of ₦4.060.4 trillion.

This development according to data just released by National Bureau of Statistics (NBS), arose due to increase in both imports and exports.

Exports stood at ₦2,308,857.2 billion resulting to an increase of ₦520.8

billion or 29.1%, while imports rose to ₦2,413,001.7 billion which gives an increase of ₦140.7 billion or 6.2%.

The rise in exports during the quarter reduced the deficit trade

balance from -₦484,238.7 billion experienced in the previous quarter to -₦104,144.5 billion.

The crude oil export value stood at ₦1,943,987.0 billion indicating an increase of ₦458.4 billion or 30.9% against the level recorded in Q2,2016.

At ₦2,413.0 billion, import trade was 6.2% more than the value recorded in the preceding quarter ₦2,272.3 billion.

“Further comparison with the corresponding quarter of last year, showed an increase of ₦724.8 billion or 42.9%.

The structure of import trade was dominated by the imports of mineral fuel, lubricant etc.”

“Machinery and transport equipment”, and “Chemicals and related products”, which accounted for 30.3%, 25.1%, and 14.4% respectively in 2016.

These commodities contributed the most to the value of import trade in 2016, whereas

commodities such as “Crude inedible materials, except for fuel”, “Beverages and tobacco”,

and “Animal and vegetable oils, fats and waxes”, contributed the least, accounting for 1.5%,

0.6%, and 0.3% respectively.