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Nigeria's external merchandise trade total value rose marginally to about N5.34trn in the second quarter of this year, up from about N5.09trn recorded in the preceding quarter.
The trade figures represented 4.8 per cent increase.
The positive change was the result of increase in value of exports from about N3.45trn in Q1 to N3.74trn in the quarter under review, representing a trade surplus of N290.8bn or 8.4 per cent.
The value of imports also decreased from about N1.64trn in January to March this year to about N1.59trn in the three month period ended June.
According to the Foreign Trade Statistics Report for the second quarters released yesterday by the Director-General, National Bureau of Statistics, NBS, Dr. Yemi Kale, the increase in exports and decrease in imports resulted in a favourable trade balance of about N2.14trn in the second quarter, an increase of N339.3bn or 18.8 per cent from levels recorded in the first three month of the year.
A further analysis of the merchandise trade on year-on-year basis, however, showed that the value of the nation's total merchandise trade decreased by N1.74trn or 24.6 per cent, while the trade balance also declined by 49.7 per cent as imports increased by 13.5 per cent while exports decreased by 34.1 per cent.
The crude oil component of the total trade stood at N2.71trn, representing a decrease of N321.2bn or 10.6 per cent when compared with the previous quarter. On the year-on-year, the crude oil component recorded a 23.6 per cent decline.
According to the NBS, "The total value of Nigeria's external merchandise trade amounted to N5.341.1bn in the second quarter 2013, an increase of N242.3bn or 4.8 per cent from N5,098.9bn recorded in the previous quarter.
"This change resulted from an increase in the value of exports from N3,452.1bn in the first quarter of 2013 to N3,742.9bn in the second quarter, an increase of N290.8bn or 8.4 per cent, and a 2.9 per cent decline in the value of imports from N1,646.7bn in the first quarter of 2013 to N1,598.2bn in the second quarter.
"Furthermore, the increase in exports and decrease in imports resulted in a favourable trade balance of N2,144.7bn in the second quarter, an increase ofN339.3bn or 18.8 per cent from levels recorded in the first quarter of 2013.
"Further analysis with the second quarter of the preceding year indicates that the value of the nation's total merchandise trade decreased by N1,742.8bn or 24.6 per cent, while the trade balance also declined by 49.7 per cent as imports increased by 13.5 per cent while exports decreased by 34.1per cent year on year."
According to the statistics agency, analysis of exports by section reveals that mineral products contributed N3,122.1bn or 83.4 per cent of total exports and that this was followed by plastics, rubber and parts with N196.5bn or 5.2 per cent and prepared foodstuffs, beverages, spirit and vinegar, tobacco were recorded at N98.2bn or 2.6 per cent.
Similarly, the NBS reported that the value of imports, when classified by International Trade Classification, showed that the decline of imports in the second quarter 2013 relative to Q1 2013 resulted from the decline of some products such as crude inedible materials which accounted for N12.2bn or 0.8 per cent of total imports, oil and fats at N1.2bn or 0.1 per cent, mineral fuels at N14.2bn or 0.9 per cent and beverages and tobacco with N6.7bn or 0.4 per cent of total imports.
A further breakdown of the imports classified by sections showed that footwear, headgear, and umbrellas accounted for N4.7bn or 0.3 per cent of total imports, miscellaneous manufactured articles accounted for N7.0bn or 0.4 per cent, mineral products were recorded at N254.7bn or 15.9 per cent and vehicles, aircraft and parts at N89.4bn or 5.6 per cent.
The Nigerian imports, according to Broad Economic Category, revealed that consumer goods accounted for with N55.7bn or three per cent of total imports, transport equipment and associated parts accounted for N57.8bn or four per cent, and food and beverages were recorded atN147.5bn or nine per cent.
