External Merchandise: Nigeria Records ₦2tr decline in Q1

Nigeria’s total external merchandise trade decreased to about ₦5 trillion in the first quarter of 2013 from about ₦7.2 trillion recorded in the previous quarter, the National Bureau of Statistics (NBS) has said.

According to the Foreign Trade Statistics for the first quarter of 2013, which the NBS released yesterday, the ₦.08 trillion or 29 per cent dip in external merchandise was blamed on a 41.4 per cent fall in the value of exports from about N5.8 trillion in the fourth quarter of 2012 to about N3.4 trillion in the first quarter of this year.

The NBS said the period under review had been characterised by declining exports and rising imports, which gave rise to a weak trade balance.