The value of Nigeria ’s total merchandise trade in the first quarter (Q1) of 2012 stood at6,622.0 billion, compared to 8,529.3 billion in the preceding quarter, adecrease of1,907.2 billion or 22.4%. The observed change was as a result of adecline in the value of exports by2,162.5 billion or 30.3% over that of theprevious quarter. Year-on-year analysis revealed that the country’s value of total trade in Q1 of 2012 rose by296.7 billion or 4.7% over the value in Q1(6,325.3 billion) of 2011.
The balance of trade in Q1 2012 stood at 3,317.5 billion, a decrease of2,417.7billion or 42.2% over the preceding quarter. This decrease was attributed to the decline in the value of exports (non-crude oil exports in particular) in the quarter under review. Year on- year, the balance of trade increased substantially as a result of the decline in imports in Q1 2012 (especially the mineral products section) compared to the corresponding period in 2011.