Foreign Trade Report Q2 2016
The total value of Nigeria’s merchandise trade in Q2, 2016 was â‚¦3,942.0 billion. This was 49.0% more than the value of â‚¦2,645.5 billion recorded in the preceding quarter. This development arose from a rise of â‚¦725.6 billion or 63.3%, in the value of exports (largely due to exchange rate gains) combined with a rise of â‚¦570.8 billion or 38.1%, in the value of imports against the levels recorded in the preceding quarter. The current trade position brought the Country’s negative trade balance to - â‚¦196.5 billion during the period under review. This shows a â‚¦154.8 billion reduction in the country’s trade deficit over the previous quarter.
Data source: National Bureau of Statistics