Total trade in goods up N12.02 trn in Q2 – NBS

Total merchandise trade increased by 23.28 percent in quarter two (Q2, 2021) to N12.02 trillion from N9.75 trillion recorded in Q1, according to data by the National Bureau of Statistics (NBS).

The NBS released the figures, Sunday, in its “Foreign Trade in Goods Statistics, Q2, 2021”. It said the increase was a result of the sharp increase in export value during the quarter under review.

According to the NBS, the export component of the trade was valued at N5.07 trillion or 42.22 per cent, while import was valued at N6.95 trillion or 57.78 percent with trade balance deficit of N1.87 trillion.

It noted that crude oil, which was the major component of export trade, stood at N4.07 trillion or 80.29 per cent of total export.