June 7, 2012/NBS

The value of Nigeria ’s total merchandise trade in the first quarter (Q1) of 2012 stood at 6,622.0 billion, compared to 8,529.3 billion in the preceding quarter, a decrease of 1,907.2 billion or 22.4%. The observed change was as a result of adecline in the value of exports by 2,162.5 billion or 30.3% over that of the previous quarter. Year-on-year analysis revealed that the country’s value of total trade in Q1 of 2012 rose by 296.7 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 of 2,417.7 billion 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.

Click Here To Download Full Report